Tether CTO Denies USDT Issuance Halted For Two Months In A Row
The Tether Chief Technical Officer (CTO) Paolo Ardoino published a statement on August 1 to rectify reports asserting that USDT has not been issued for two consecutive months. Ardoino replied to a famous Chinese reporter Colin that the releases will continue, even if in lesser numbers. He also indicated blockchain trading information showing allocations, with 100 million USDT released two days ago.
With a market crest of more than $62 billion, USDT is the market’s most active stable coin. USD Coin (USDC), with a market crest of about $27 billion, is the closest opponent. Since the beginning of the year, the market capitalization of USDT has more than doubled.
With a market cap of more than $62 billion, USDT is the market’s most active stable coin. USD Coin (USDC), with a market cap of approximately $27 billion, is the closest competitor. Since the beginning of the year, the market capitalization of USDT has more than doubled.
Some of these criticisms date back years, but Tether plans to put some of them to rest soon with the release of an audit. Tether and Bitfinex also reached an agreement with the New York Attorney General, agreeing to pay $18.5 million in penalties.
Stablecoins in the Future
Tether, on the other hand, maybe in for a wave of good news. In an interview with CNBC, General Counsel Stuart Hoegner stated that an audit could be completed in a matter of months. This would put to rest many of the concerns surrounding the digital currency, which has had a turbulent few years.
Tether caused quite a stir at one point when co-founder William Quigley stated that it didn’t matter if USDT was backed by an equal amount of dollars. Since then, investors have been paying closer attention. Investors will be far happier if Tether can demonstrate that it has all of the dollar reserves required to match its supply.
Tether will follow in the footsteps of USD Coin, which published a transparency report as part of its efforts to promote accountability and transparency in the space. According to the report, cash or cash equivalents backed up more than 60% of the USDC supply. This appears to be an important part of the space, and Tether will want to take its steps in this regard.