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Tether Treasury prints another 80 million USDT despite constant criticism

The Tether Treasury has issued another 80M USDT during recent bitcoin's price surge despite facing constant criticism from th
The Tether Treasury has issued another 80M USDT during recent bitcoin’s price surge despite facing constant criticism from the cryptocurrency community.

Tether treasury is now on track to soon issue $8 billion in total USDT with its latest issuances. However, critics continue to call out the treasury for minting large amounts of USDT. The amount of USDT is flooding the crypto market at unprecedented levels. The market capitalization of stablecoin Tether (USDT) hit a whopping $6 billion later in March this year, and by April 19, the stablecoin hit a market cap of $7 billion. In just 11 days, there has been an increase of some $837 million in USDT.

Tether faces serious accusations from the crypto community.

The recent minting has been met by a wave of serious accusations who see Tether as being dishonest, and some even accuse it of committing outright financial fraud. A Twitter user wrote that Tether Treasury has effectively become ‘too big to fail’, and it now seems like that no single entity or agency can do anything about it. Nobody seems to be monitoring Tether whatsoever anymore, another twitter user wrote. Tether Treasury has now issued close to $2 billion in USDT in just one month, and the critics have been louder and louder and asking for some sort of regulations.

Research shows Tether’s printing does not impact bitcoin’s price.

According to a new study from the Centre for Economic Policy Research, stablecoins are not driving up the price of Bitcoin or any other cryptocurrencies. Researchers Richard K Lyons from UC Berkeley and Ganesh Viswanath-Natraj from the Warwick Business School looked at the minting of Tether and other stablecoins over the last three years and concluded that the price of bitcoin is not affected by the issuance of Tether. The researchers found little correlation between prices and new stablecoins issuance of USDT. Currently, the idea that the issuance of Tether (USDT) precedes a Bitcoin price pump is now taken by some as a bullish sign. At the time of writing, bitcoin is changing hands at just above $8,800 mark.

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