Controversial Stable Coin, Tether, generated USDT for another $ 250 million, reports Omni Explorer.
Tether is a company that issues USDT tokens allegedly backed by the US dollar at a 1: 1 ratio.
At the moment, Tether is practically a monopolist in the field of Stable Coin, and many experts doubt that all the tokens, the total amount of which is $ 2.5 billion, are indeed backed by the dollar.
Criticism of Tether
One of the critics is the anonymous blogger Bitfinex’ed, which linked the generation of new USDTs with the growth rates of large crypto-currencies, such as Bitcoin and Ethereum. Indeed, an hour after the release of $ 250 million in USDT, the BTC rate grew by $ 120, and the ETH – by $ 10.
One of the world’s largest crypto exchanges, Bitfinex, has a common guide with Tether. Recently, company representatives have threatened court proceedings against critics, such as Bitfinex’ed, expressing doubt about the USDT-USD ratio of 1: 1, which cannot be officially confirmed due to lack of audit.
Tether is not the only player in the Stable Coin market. The coin, supported by Goldman Sachs, plans to release Circle, Basis, and trueUSD.