Controversial Stablecoin Tether Issues New Batch Of USDT Tokens Worth $50 Million

Tie (USDT) has issued new tokens worth $50 million on August 11, as indicated by block explorer OmniExplorer.
In late March, Tether had released 300 mln USDT tokens evaluated at $1 per token.

In the course of 30 days, Tether’s market capitalization lost around $300 million, down from $2.7 billion in mid-July to the current $2.4 billion, as indicated CoinMarketCap.

Tether is presently in second place after Bitcoin (BTC) regarding highest daily trading volumes, seeing $4.2 billion in trades a day or 28.16 percent of all crypto trades even though Bitcoin’s average 24-hour trading volume is $5.7 billion, or 38.62 percent.

Recently, the price of Bitcoin flooded by $300 through the span of only a few hours, following a drop to as low as $6,118. As of press time, Bitcoin is trading at $6,357, up just under one percent on the day.

Bitfinex, which is the seventh positioned crypto exchange by 24-hour volume on CoinMarketCap, shares initiative with Tether. The two organizations have experienced harsh criticism for the absence of transparency, as Tether’s USDT tokens claim to be backed by USD, yet the organization still can’t seem to submit to a public review.

On June 13, Tether again experienced another criticism following an examination that rebuked the organization for Bitcoin price control in 2017. As indicated by the research, Tether’s transaction designs demonstrate it was “used to provide price support and manipulate cryptocurrency prices.”
Later in June, Cointelegraph announced that a law office working with Tether informally confirmed legitimate dollar-backing.