Tether (USDT) Market Cap Gains $ 1 Billion In Just 9 Days.
Growth rates nearly beat the current record of 8 days.
The market has repeatedly asked questions about the provision of stablecoin with US dollars.
International consortium of news organizations developing transparency standards.
The market capitalization of the stablecoin Tether in just nine days increased by $ 1 billion.This is probably the response of USDT to the rally in Bitcoin.
Warren Buffet Indicator Says Sell, Tether Responds To FUD, Holders Hold – This Week In Crypto (W2)
10,000,000 #USDT (10,029,900 USD) transferred from Tether Treasury to unknown wallet
Altcoins Surge | Here’s What You Need To Know
– Whale Alert (@whale_alert) November 27, 2020
Higher and higher
The most popular stablecoin, Tether (USDT), has seen impressive gains again over the past week. As recently as mid-November, the BeInCrypto editorial team already reported that the USDT market capitalization exceeded the $ 18 billion mark for the first time, and now – a new increase.
More about, what are stablecoins and how do they work, read in our review.
Recall that the Tether treasury has long been displeasing crypto community members for uncontrolled indomitable emission of new coins. The project team claims that each Tether coin is backed by US dollars in a 1: 1 ratio, but the market has long had doubts about this. After all, where this $ 1 billion came from?
Tether (USDT) capitalization jumped $ 1 billion in 9 days | Source: Coingecko
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Apparently, behind such an increase in the market capitalization of USDT is the cryptocurrency exchange Bitfinex, in whose relations with the Tether project not only the crypto community, but also the US prosecutor’s office has long been understanding. It is noteworthy that the CTO of both Bitfinex and Tether is the same person – Paolo Ardoino, although both companies insist that they are separate projects.
A class action lawsuit was filed against Tether and Bitfinex in 2019, accusing the companies of cheating and manipulating the market to hide illegal profits. Bitfinex allegedly issued Tether in 2017 to buy bitcoin and pump prices in order to sell them profitably for Tether later. In June 2020, Bittrex and Poloniex were also included in the lawsuit. Tether called such accusations unfounded. The case is still pending.
Bitfinex and Tether denounce baseless lawsuit designed to undermine the cryptocurrency community https://t.co/7uNKWpscCG
– Tether (@Tether_to) June 4, 2020
How to become a billionaire overnight
Ardoino announced the growth in capitalization of Tether on November 26, demonstrating in a tweet that the growth of $ 1 billion in 9 days almost broke the current record of the project. The maximum rate of capitalization growth by $ 1 billion was recorded on September 4, 2020. Then it took 8 days.
08/13/20: 12 billion (12 days)
08/26/20: 13 billion (13 days)
09/04/20: 14 billion (8 days)
09/16/20: 15 billion (12 days)
22/10/20: 16 billion (36 days)
05/11/21: 17 billion (14 days)
17/11/20: 18 billion (13 days)
11/26/20: 19 billion (9 days)
– Paolo Ardoino (@paoloardoino) November 26, 2020
At the beginning of this year, the market capitalization of USDT was only $ 4 billion, and for almost all of 2019 this figure was only $ 2 billion.It remains an open question whether the project managed to raise $ 15 billion over the past year to ensure such capitalization..
Some Twitter users have already called what is happening a scam. One of them posted an animated picture under Ardoino’s post comparing Tether’s emissions to the US Federal Reserve, which has printed 20% of its total USD stock over the past year..
– Crypto 8008 (@ crypto8008) November 26, 2020
However, real demand may be behind such emissions. Recall that in February, the largest crypto exchange Binance faced a number of technical failures, in part provoked by a shortage of Tether. For example, traders faced difficulties when trying to place buy orders on Binance BTC/ USDT. This happened shortly after Tether carried out one of the largest USDT burns in its history, destroying $ 102 million coins..
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