- Tether isn’t far-off surpassing the market for ripple’s XRP token.
- This comes as a result of the minting of new tokens by the tether Treasury.
- This is something that has previously led to accusations directed at the company for intentionally pushing up the price of bitcoin.
The biggest stablecoin in the crypto industry, Tether isn’t far-off surpassing the market for ripple’s XRP token. This comes as a result of the continuous minting of new tokens by the tether Treasury. This is something that has previously led to accusations directed at the company for intentionally pushing up the price of bitcoin in an artificial way.
The Treasury issued around 1 billion USDT tokens last month which caused an uproar amongst many crypto investors with many believing that these actions are an attempt to manipulate the market price once again.
Depending on how new you are to the crypto space, you will have most likely heard about Crypto whales.
For those that don’t know, the Whale Alert Twitter account is dedicated to “live tracking of large crypto transactions from and to exchanges” for some of the top coins in the market.
The term ‘whale’ is given to an investor or trader that have a very big amount of crypto funds and partakes in very big transactions.
The whale alert Twitter account has reported an issuance of 120 million USDT in the ETH network. This was revealed during last month on the 18th of April. Paulo Space, the chief technical officer at tether justified the decision saying that it was only an inventory replenish. You can see him responding to the tweet from the whale alert account below.
PSA: 120M USDt inventory replenish.— Paolo Ardoino (@paoloardoino) April 18, 2020
Note this is a authorized but not issued transaction, meaning that this amount will be used as inventory for next period issuance requests.