May 21, 20182min1126

Tether Print $250 Million New USDT

The most (in)famous stablecoin Tether is back in the spotlight, after it issued a fresh $250 million sized batch of its US dollar tethered crypto currency last Friday, 18th May 2018.


 

Tether has been the bad boy of crypto ever since they broke up with their auditing firm Friedman LLP following an unsuccessful audit attempt. Ever since then, speculation has been rife, whether their USDT token is in fact backed by USD on a 1:1 ratio or whether they are perhaps operating more of a fractional reserve type service.

As has been the case recently both Bitcoin and Ether rose in value immediately following the issuance of new Tethers. The rise has been modest though with Bitcoin only gaining about $120 and Ether increasing by just $10 within the 1st hour.

250M Tether Issued on May 18th

Tether has done a better job than most other stablecoins as it has in fact remained impressively stable, unlike TrueUSD, which rose to $1.36 last week following strong demand, then crashed back to 1.01 within 24 hours, leaving many traders mighty unimpressed and of course significantly out of pocket.

Also having Bitfinex, one of the world’s largest crypto exchanges, behind it does help Tether’s credibility as they could fairly easily provide $2.5 billion of liquidity if push came to shove.

As the landscape for stablecoins develops, we will see new players enter the fray, such as Goldman Sachs backed Circle stablecoin, and competition will do what it always does and produce a worthy winner. Until then, enjoy the show and trade smart!


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