New Batch Of USDT Tokens Worth $50 Million Issued By Tether

Aug 13, 2018 at 11:30 Update Date :Feb 27, 2019 at 07:46 UTC

As per the claims of OmniExplorer, a new lot of USDT tokens has been issued by Tether, on the 11th of this month. Omni Explorer is a block explorer for the Omni protocol, created and maintained by the Omni Foundation.

The issuance comes after the last one generated in late March, this year, wherein the company had released USDT tokens with a net worth of $300 million priced at $1 per coin.

Owing to the prevailing bearish market conditions, when all other crypto tokens were losing their market capitalisation values, Tether was the only anomaly.

Nonetheless, if an in-depth analysis is carried out, it becomes clearly visible that even Tether has lost its market capitalisation since July. As per the reports furnished by CoinMarketCap, the exact figures show a fall from $2.7 billion to $2.4 billion which may also be termed as a net loss of $300 million.

In terms of daily trade volumes, Tether currently stands at the second position just after the world’s leading crypto token, Bitcoin (BTC). The token constitutes 28.16 percent of all crypto trades or in other words, it experiences $4.2 billion trades a day. On the other hand, Bitcoin’s current daily trade volume stands at 38.62 percent or in other words, $5.7 billion trades per day.

The token, however, has not been able to attract enough media coverage after being accused of ‘lack of transparency’ by the crypto community and the public at large. Nevertheless, in the month of June, a law firm operating in association with the company released an unofficial statement claiming the legitimate backing of USDT tokens by widely accepting USD.

ack, on June 13, the company popped up in the headlines for the price manipulation of Bitcoin in the year 2017. The study was carried out by the researchers of the University of Texas, wherein they suggested that Tether was responsible for Bitcoin price manipulation last year.

As per the statement of research,  

“Tether’s transaction patterns show it was used to provide price support and manipulate cryptocurrency prices.”

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