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Tether’s indomitable emissions began to resent the crypto community

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Tether's indomitable emissions began to resent the crypto community

Tether’s indomitable emissions began to resent the crypto community
CONTENT

  • Tether Treasury Printed Another $ 80 Million USDT.

  • USDT’s total market capitalization now approaches $ 8 billion.

  • In the crypto community, criticism of such activity of Tether begins to sound louder.

International consortium of news organizations developing transparency standards.

Tether’s Treasury has issued another 80 million new USDT coins. It seems that such volumes are becoming the daily norm for the project..

Recently, the BeInCrypto editorial staff regularly reports about Tether’s excessive activity in issuing new stablecoins. In a matter of weeks, the total size of assets denominated in USDT, first crossed the round mark of $ 6 billion, in mid-April exceeded $ 7 billion, and now Tether’s market capitalization is already approaching $ 8 billion.

This situation with the uncontrolled throwing of stablecoins closed from proper audit into the market is beginning to cause more and more discontent among the participants of the crypto community..

Tether's indomitable emissions began to resent the crypto community

New issue, new $ 80 million

The analytical service Whale Alert (@whale_alert), which monitors cryptocurrency wallets, announced a new portion of USDT coins worth $ 80 million. Thus, Tether continues to flood the crypto market with its stablecoins on an unprecedented scale..

At the time of this writing, and according to official Tether data, the total number of USDT-denominated assets of the project was already $ 7,837,501,743. Over the past 11 days alone, Tether’s capitalization has increased by $ 837 million in USDT. At the same time, as noted by one of the users, this figure does not yet take into account the last issue of April 30 in the amount of $ 80 million.

At first, participants in the crypto industry tried to explain this activity by a general increase in demand for stablecoins backed by US dollars, in the face of the current uncertainty in global markets. However, very soon they came to the conclusion that all this activity on the issue of new coins is concentrated exclusively in the Tether segment..

It’s time to figure it out?

Unsurprisingly, reports of new emissions have begun to generate an increasingly negative response from the crypto community. Its members begin to accuse Tether management of dubious fraud.

For example, Twitter user @BlockchainBizMg wrote:

“This is a big problem. One centralized stablecoin Stablecoins – literally translated from English “stable” coins – continue to gain popularity in the digital asset market. With … More can manipulate the entire cryptocurrency industry, and no one is able to do something about it “.

Tether's indomitable emissions began to resent the crypto community

Indeed, without regular Whale Alerts, many would not even have a clue of what is happening in the crypto space. He also warned that after the halving, this problem will become even more important..

The rest of the comments sounded predominantly in the same vein. People worried that USDT issues were so uncontrolled and required due diligence to ensure that all issued stablecoins were indeed 100% backed by real US dollars, especially given Tether’s scandalous history and the company’s involvement in financial fraud litigation..

Do you think that active USDT issues pose a threat to the stability of the crypto market? Share your opinion in the comments!

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