Tether Releases $250 Mln in USDT,Twitter Awaits Bitcoin Price Rising

Stablecoin Tether (USDT), that is allegedly backed 1:1 by the us dollar, has issued 250 million more tokens, June 25, according to data from Omni explorer.

At the end of March, Tether had released three hundred million tokens, leading to a small price increase for Bitcoin (BTC). The move also was met with backlash from critics on Twitter concerning the controversy surrounding the stablecoin’s lack of an official public audit to confirm the legitimacy of its claims to be backed by fiat.

More recently, Tether had created the news once a new study compiled by the University of texas advised that the coin had been behind Bitcoin price manipulation in 2017, a claim that Tether’s chief executive officer has denied.

Tether’s public break with its auditor in january of this year — before an official audit was released —  had furthered the critics’ fire, but an unofficial statement from a law firm last week claimed that Tether after all had roughly the suitable quantity of dollar holdings to back its coins, as of June 1.

Litecoin (LTC) founder Charlie Lee tweeted today that the 250 million USDT issuance can be compared to said sum in dollars being deposited to a cryptocurrency exchange – which means that it doesn't essentially preclude an immediate value jump that would occur once it's used to buy crypto: