Tether has decided to print a lot of money recently. The market cap of the company has grown from $2.8 billion USD to $3.5 billion USD since last month, which is a sizeable increase of over 20%. Tether is the most popular stablecoin of the world and it shows with such a high market cap.
The company has printed around $250 million USDT only this week, with the total of $100 million USDT tokens printed today.
According to the data, there have been large issuances of tokens this year. Roughly every two weeks the company has issued at least some tokens, and we are not talking about small issuances here. There have been 10 prints of around 20 to 150 million USDT tokens this year.
Despite Controversies, Tether Is Growing Fast
It is undeniable that Tether is having a very active week. However, despite this fact, most of the tokens that were created yesterday are still not in proper circulation at the moment.
Paolo Ardoino, the Chief Technical Officer (CTO) of Bitfinex, a sister company of Tether, has affirmed that the most recent tokens were “authorized but not issued”. What he actually means is that, yes, these tokens have been created. However, they have not left their treasury wallets yet because this was not authorized.
At the time of this report, the official Tether transparency page had the number of 99.8 million USDT tokens which were created but not really authorized so far. This means that some of the money that was created this week is already being used while some part of it is only waiting for that to happen.
Despite the troubles, it looks like Tether is growing. Why is Tether growing so much? Possibly because of the price of Bitcoin (BTC). More traders are interested in the market now that the prices are going up again and many of them use USDT to trade. Because of this, the volume of USDT grows up and goes down together with BTC.
This is, obviously, pretty good news for Tether. Ever since the company was accused by the New York Attorney General of using money from the investors in order to loan it to its sister company Bitfinex (which had problems when some of its payment processors never paid it), the company has been struggling to maintain its image.
What can be affirmed is that Tether may have seen its image attacked, but the company certainly did not suffer too much from it, as their token continues to be the top stablecoin of the market.