The Stable Coin Company Tether Issues 250 Million USDT Amidst Transparency Concerns

It was known yesterday that Tether Holdings, the company that issues the stable coin known also as “tethers” (USDT), has issued 250 million dollars more worth of tether into the cryptocurrency market, without releasing documents to certify its solid support yet. This according to an article by Bitcoinist.
Tether is a stable coin, that is, a currency that is designed to maintain its value independently from the market movements. The special trait of Tether is that it is artificially pegged to the dollar, and its issuer, Tether Holdings, certify that for each tether issued in the market, there is a dollar in a bank account supporting it. This makes Tether a non-mineable, centrally issued cryptocurrency.
With tether issuing 250 million more USDT, the current amount of Tether currently available in the market rises to more than 2 and a half billion dollars, according to the Tether transparency declaration, offered in their web page. Most of the Tether issued is going to Bitfinex accounts. The last time that a large sum of tether was issued was on March 20, when 300 million tethers were emitted.
Although Tether claims that it is transparent, for many experts in the cryptosphere it could be the next bubble to burst. Their last audit dates from the last September, from its last auditor Friedman LPP. Since then they terminated their relationship with Friedman due to “the excruciatingly detailed procedures Friedman was undertaking for the relatively simple balance sheet of Tether”.
But there are new alternatives in the market for ones that seek a stable coin to park its earnings without withdrawing them from exchanges, though one has failed its first attempt of massification, and the other is only being announced: Binance, one of the biggest cryptocurrency exchanges, announced the introduction of a Tether competitor called TrueUSD (TUSD) on its platform three days ago, but it suspended the operation because the cryptocurrency pumped its price to 1,30$. Also, Circle, a payment and crypto exchange app has announced that they will introduce its own stable coin for their platform in the near future.

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