Tether printed more than $ 100 million over the past Friday. The event that happened after the Attorney General of the State of New York, Leticia James, issued an injunction against the Burfex Stock Exchange and Tether representatives, a controversy that affected the prices of the cryptographic market and kept the community in suspense.
The TrueUSD Printer, a Twitter account that follows the release of docked cryptographic currencies or stablecoins daily, said April 26 within a few hours a total of USD 100 million was issuedThe total tether shipment has climbed to more than $ 3 billion after this latest release, according to the tweet.
Reddit's user, also known as BannerCoin, also posted a note on the matter and said that about $ 100 million was issued in Ethereum on Friday and nearly 7 million in Tron.
This is shown by data from the Ethereum block More than $ 400 million USDT was issued in the network. Similarly, Tron has registered a total of $ 132,401,000 and Omni is $ 2,802 million in circulation, an indication that more than 3,352 million tethers represent the total project delivery today.
These 100 million newly released hangings are put into the controversial period for Tether Treasury, because on the same Friday, the Attorney General of New York State, Leticia James, ruled on a court order against the companies run by Jean-Louis van der Velde, Bitfinex House, and the Tether Project.
The suit accuses both companies of violating New York's financial laws after the exchange office reportedly used $ 850 million of Tether's underlying reserves to hide investors from a number of losses last year. Controversial accusations decrease in bitcoin and tether prices, which was below 1: 1 parity against the dollar,
Given the loss of parity with the dollar and the controversial situation in which the project is involved, social networking users have questioned the fact that Tether has posted another $ 100 million this week and believe it may be a bad sign Bigger bid can help lower the price currency if it does not have sufficient demand. This concern, which may become a reality, given that the token price is already low and some market participants are starting to bet on other non-Tether coins.
For example, after a public order against Tether has been published, the price of other dollar-anchored currencies (such as Gemini Dollar and Paxos) has risen by more than 1% compared to its previous value. This phenomenon caused Paxos representatives to issue about 10 million new chips within hours so as not to lose parity with the dollar.
The PAX press has met the goal of creating a larger market offer due to unexpected demand for chips, said the CEO. Because the price of the token exceeded the value of the dollar, a larger bid would lower that price and restore its parity.
This is not the first time that the huge USDT question generates discussions and alarms in the cryptocommunity community since Tether printed $ 200 million USDT in less than 24 hours at the beginning of 2019. The Guardians of the initiative believe that this kind of behavior is not normal on the market, just as they claim that the initiative does not have enough US dollars in reserve to support each USDT unit, charges that have triggered various investigations into the whereabouts of funds. guarded by Tether.