Tether has minted more than three billion USDT in the last two weeks, and most recently, on December 4, it minted one billion in the blockchain TRON. The circulating supply of USDT is approximately 76 billion.
Tether has minted another $ 1 billion of the stablecoin USDT in the blockchain, as shown by the transaction information. The minting occurred on December 4, 2021, in a year in which many billions of USDT have already been created.
The minting comes as market enthusiasts continue to criticize Tether for its alleged lack of available cash to fully support its reserves. The reports show that only 2.9% of Tether’s USDT supply is backed by dollar reserves.
Tether coined three billion USDT in the first week of November, and the last mintage put its circulating supply at approximately 76 billion USDT. Tether’s supply is more than double the supply of USD Coin (USDC), That amounts to about $ 39 billion.
Concerns about USDT supply support date back years and They have drawn criticism from both the crypto community and lawmakers. Tether has strongly supported their decisions and has taken steps to be more transparent.
But since the stablecoins are becoming one of the top concerns for legislators around the world, Tether will have to do a lot to earn them. Your reservations will be a key topic of conversation when stablecoins become more regulated, and that’s a question of when, not if. He has already been fined $ 41 million by the CFTC.
One platform, Hindenburg Research, has also launched a program called Hindenburg Tether Bounty Program, which offers rewards of up to $ 1 million for details on Tether’s endorsement.
Tether scrutiny remains high despite attempts at transparency
Tether’s endorsement has come under scrutiny from investors for many years, and only in the past 12 months you have made a more tangible effort to allay concerns. In more recent months, the company has taken steps to ensure it does not cross regulators.
However, the company’s actions have also caught the attention of lawmakers. The Chairman of the United States Senate Banking Committee, Sherrod Brown, sent a letter to the CEO of Tether, Jean-Louis van der Velde, just over a week ago. The president hopes that Tether has responded by Dec. 3 to concerns about the stablecoin, although no follow-up details have emerged.
In response to legislators’ reviews, Tether has said that will make an effort to cooperate with global legislators to work on concerns related to the stablecoins. This was not surprising, given Tether’s position in the market for stablecoins and its controversial history.
Other projects of stablecoins They have also begun to take transparency and accountability measures. USDC issuer Circle said it would take those steps in an announcement earlier this year.. The SEC has also subpoenaed Circle, with the latter saying they will cooperate fully on the matter.
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Tether minted 3 billion USDT in the last two weeks – BeInCrypto