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Tether surreptitiously crossed the $ 6 billion round mark
Tether’s assets exceed $ 6 billion.
A new record was achieved after the aggressive and almost daily emission of new USDT coins.
The question of 100% availability of stableloin with US dollars remains open.
The Tether project announced on its website that its total assets in USDT exceeded $ 6 billion. However, the crypto community did not pay attention to this achievement..
Just think, $ 6 billion …
According to the latest statistics posted on the official Tether website, the total amount of assets denominated in USD ₮ has passed the round mark of $ 6 billion to $ 6,141,809,416.36. Taking into account the surplus of assets in the amount of about $ 127 million, the total amount of the project’s liabilities is $ 6,014,443,887.36.
The bulk of USDT coins circulate on the Ethereum blockchain, but this stablecoin can also be found on the TRON (TRX), EOS and Liquid blockchains, as well as on Tether’s own blockchain – Omni.
Crypto investor and entrepreneur Alistair Milne shared this information on Twitter, expressing his surprise why the project’s taking another plank went unnoticed in the cryptocurrency community..
Tether USDt just passed $ 6billion and nearly no-one noticed … # justsaying
– Alistair Milne (@alistairmilne) March 27, 2020
However, as users reacted in their comments, now it is difficult to surprise anyone with the amount of $ 6 billion, since these days the bill goes to the trillions. At the same time, some openly drew parallels with the policy of unprecedented liquidity injection, which is now being aggressively implemented by the US Federal Reserve and other global central banks and governments..
In addition, such information has not yet been reflected on tracking sites such as CoinMarketCap. Here, the market capitalization of Tether is still estimated at $ 4.6 billion. It is possible that statistics on these sites will be updated in the near future..
The most scandalous stablelock
However, some commentators drew attention to another aspect of the issue. Is it true that by sharing this information, Tether claims that it has $ 6 billion USD in its bank accounts, capable of supporting all of the company’s obligations??
Let us remind you that Tether has always remained one of the most popular, but at the same time, controversial currencies on the crypto market. Earlier, BeInCrypto already reported that Tether was embroiled in a protracted lawsuit over alleged collusion with the Bitfinex trading platform to cover its losses..
Also, the company’s opaque policy constantly makes investors doubt that all issued Tether coins are indeed 100% backed by real US dollars. Moreover, in September 2019, the co-founder of the project, William Quigley, alarmed the crypto community, saying that, in general, it does not matter, since the main thing is that investors “believe” that 1 USDT is worth $ 1.
A co-founder of Tether says it doesn’t really matter if the stablecoin is backed by exactly the right number of dollars if investors believe each coin to be worth $ 1. https://t.co/i3jMCOhpld @bloombergradio @ptsweeney
– Lisa Abramowicz (@ lisaabramowicz1) September 5, 2019
Another cause for concern is the issue of manipulating the bitcoin rate through USDT emissions. In any case, reaching a new round mark of $ 6 billion would not have been possible without the aggressive issuance of new coins that Tether has recently carried out almost daily, which led to the accumulation of record USDT reserves on crypto exchanges..
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