Tether[1] (USDT) has issued new tokens worth $50 million on August 11, according to block explorer OmniExplorer[2].
In late March, Tether had released[3] 300 mln USDT tokens priced at $1 per token.
Over the past 30 days, Tether’s market capitalization lost around $300 million, down from $2.7 billion in mid-July to the current $2.4 billion, according CoinMarketCap[4].
Tether market cap 1 month chart. Source: Coinmarketcap[5]
Tether is now in second place[6] after Bitcoin[7] (BTC) in terms of highest daily trading volumes, seeing $4.2 billion in trades a day or 28.16 percent of all crypto trades, while Bitcoin’s average 24-hour trading volume is $5.7 billion, or 38.62 percent.
Yesterday, August 11, the price of Bitcoin surged by $300 over the course of just a couple of hours, following a drop to as low as $6,118. As of press time, Bitcoin[8] is trading at $6,357, up just under one percent on the day.
Bitcoin 7-day price chart. Source: Cointelegraph Bitcoin Price Index[9]
Crypto exchange Bitfinex[10], which is the seventh ranked crypto exchange by 24 hour volume on CoinMarketCap[11], shares leadership with Tether[12]. Both companies have come under fire for lack of transparency, as Tether’s USDT tokens claim to be backed one-to-one by USD, yet the company has yet to submit[13] to a public audit.
On June 13, Tether again faced criticism[14] following a study that blamed the company for Bitcoin price manipulation back in 2017. According to the research, Tether’s transaction patterns show
