- Tether mints $480,000,000 this week for “Inventory Replenishment”
Tether mints an additional $120,000,000 USDT tokens. This comes as Tether mints over $360,000,000 over the last few days, bringing the 7 day total to $480,000,000.
The stablecoin platform has minted almost half a billion dollars worth of tokens in just one week.
Tether CTO, Paolo Ardoino claims that these new tokens are for “inventory replenishment” and to cope with future demand.
Tether has not provided new evidence in the form of external audits, that they have an additional $480,000,000 in physical assets to back the newly minted tokens. Tether is a US dollar-based stablecoin, meaning one tether token (USDT) is backed by $1. However, with the last external audit back in 2018, per the Tether website, another external audit is long overdue.
Tether Market Cap Surpasses Ripple
As reported earlier this week by The Crypto Associate, Tether (USDT) has surpassed Ripple (XRP) market cap according to Messari’s real market cap scanner. With Tether gaining market cap at an unprecedented pace, it is important that Terher maintains transparency.
Content displayed on thecryptoassociate.com is not investment advice. Investors should do their own research before investing in digital assets or anything displayed on this site. The Crypto Associate does not recommend trading any sort of investment in cryptocurrencies and digital assets. The Crypto Associate is not responsible for any losses incurred due to the buying or selling of cryptocurrencies displayed on this site. All content is for informational purposes only. The Crypto Associate does not endorse, affiliate or repersent any third party links including advertisements.The Crypto Associate participates in affliate marketing. Read the full disclaimer