A Large Amount of 320 Million Tether USDT was minted today at the Tether treasury.
Minting was done in two transaction on separate blockchains: a $200 million tokens in Tron, with another $120 million in Ethereum USDT tokens.
It’s only November 20 and yet The Tether already managed to mint over $1.5 Billion ($1,570,000,000) USDT what first appears to be pulled out of thin air.
Minted amounts are transferred each day to the China based crypto exchange platforms Binance, Bitfinex, and Huobi.
Fully Backed Stablecoin
According to public data, Ethereum token Tether (USDT) is the most popular stablecoin.
Being a crypto coin with fixed value, it attracts holders as a safe way to store their USD value on blockchain.
1 USDT = 1USD is a paradigm that is widely accepted by the crypto economy. But some traders, holders and analytics still have serious doubts about this claim.
The last independent financial audit for Tether was done in June 2018 by the law company FSS. Since then, they removed the obligation of independent audits to confirm value of their holdings.
Currently, according to official information from Tether, the Tether treasury is backed by “loans made by Tether to third parties”.
With Tether’s headquarters is being incorporated in Hong Kong, it raises questions about liability of Tether before the US law.
Some analysts draw parallels between the increased minting and the raising price of Bitcoin.