Tether and Bitfinex are being closely scrutinized now more than ever due to the NYAG’s lawsuit; however, the scrutiny doesn’t seem to have affected Tether as the market cap of USDT has increased by over $100 million in approximately 70 days.
Tether has been alleged by prominent personalities in the industry for a lot of things, including the pump of 2017. Moreover, Tether was also alleged for not having all USDTs backed, an allegation that came to light after the NYAG’s lawsuit. Not only was all of the Tether not backed by reserves, but some of the reserves were also used to buy Bitcoin, which was also a massive revelation.
More recently, USDT’s market cap skyrocketed by almost 100 million in 67 days, which is staggering. A Twitter user @trueusdprinter tweeted the same.
🎾 TETHER PRINTER 🎾
Just printed $100,000,000 USDT!
Total Supply: $3,320,057,493
— TrueUSD Printer (@trueusdprinter) May 24, 2019
Moreover, the excess of assets over liabilities of USDT ERC20 tokens increased by a massive $16 million in one day. At press time, the excess of assets over liabilities was at $38 million. In addition, the authorized but not issued tokens increased by $59 million, which is a staggering surge of demand for USDT.
A Twitter user @dividebynine tweeted:
Ethereum Tether reserves are at 1M.
Impressive how steady the Excess is ~ $22,777,000 (+/- 900). pic.twitter.com/gCd52R5OPB
— dividebynine (@dividebynine) May 23, 2019
A Twitter user @DigiEconomist, tweeted:
“That explosion in the last two months 😮 Nothing attracts institutional investors more than unredeemable tokens and legal scrutiny”
Another Twitter user @pesuazo, commented:
“That’s one of the reasons why I believe “institutional” money wont come in. They have an uphill battle, they will not bring dollars into a market where someone else prints their own “money” and buys BTC with it. The crypto market has its own “Federal Reserve”.. shame on us”
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Akash is your usual Mechie with an unusual interest in cryptos and day trading, ergo, a full-time journalist at AMBCrypto. Holds XRP due to peer pressure but otherwise found day trading with what little capital that he owns.