Tether controversy returns with $250M in new tokens

According to the news in Cointelegraph, the controversial stablecoin Tether produced new USDT tokens worth $250 million on May 18.

Tether’s stablecoin USDT, which it claims is backed by the US Dollar at a ratio of 1:1. company that launched. The company has come under criticism for its lack of transparency after severing ties with audit firm Friedman LLP before the official audit. critics find it hard to believe that all of these tokens are backed by the US dollar.

One of them is anonymous blogger Bitfinex’ed, who claims that Tether’s coin production is in correlation with the price increase in mainstream cryptocurrencies like Bitcoin and Ethereum.

According to the data, in an hour after the launch of new Tethers worth $250 million, Bitcoin increased by nearly $100 and Ethereum by $10.

One of the world’s largest cryptocurrency exchanges. Bitfinex and Tether are two sister companies.. This is one of the strongest arguments used in price manipulation claims.

On the other hand, Tether’s competitors in the stablecoin field are increasing and competition is heating up as new players such as Circle, TrueUSD and Basis, supported by Goldman Sachs, have started to develop their own stablecoins. .

With the announcement that TrueUSD will be listed on Binance recently, the price of TUSD was appreciated by 40 percent.. After this situation when the price should have remained stable, Binance postponed the listing to May 22.

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