Rekindles hot spots on stable coins as Tether minted new tokens worth $250 MIn


In the world filled with various digital currencies in pursuit of reaching different consensuses, apparently, people are hard to reach a common view on Tether, a controversial and high profile cryptocurrency.
The controversial stable coin, Tether(USDT), has just minted a plenty of tokens worth $250 MIn on the 18th of this month. The stable coin Tether has claimed that it's all tokens in circulation are backed at 1:1 ratio(1 USD to 1 USDT) by US dollars which means Tether's value is in sync with the value of us coin prices. Tether has been criticized for its lack of transparency after it broke ties with auditing firm Friedman LLP before an official audit could be conducted.
Some of the controversies surrounding the Tether include:
  • Accusations of pumping and dumping of crypto in the exchange and the links to the Bitfinex exchange.
  • Lack of transparency in transaction and 'uneasiness' accepting external auditors
  • Not enough cash reserves to back the said tokens in the markets
Whether the accusations are true or false is a matter of the observer of the events surrounding the token and the reader of this news. But one thing is for certain, the availability of a stable coin in the form of USDT in many exchanges such as HitBTC and Binance, has helped traders mitigate risks during times of market turmoil.
One such critic is anonymous blogger Bitfinex’ed, who has pointed out the correlation to Tether coin generation with price increases of mainstream cryptocurrencies like Bitcoin and Ethereum. According to Cointelegraph’s BTC and ETH price indices, the price of Bitcoin increased approximately by $120 and Ethereum by $10 within an hour of the issuing of the $250 million worth of new Tether tokens.
Bitfinex, one of the largest exchanges for cryptocurrencies, is a sister company of Tether and has threatened legal action against critics such as Bitfinex’ed for questioning Tether’s 1:1 ratio with USD, a fact still unproven in the absence of an audit.
Tether might not be the only contender in the stable coin sphere, as new players like Circle, backed by Goldman Sachs, TrueUSD, and Basis have begun developing their own stable coin.
Another stable coin yet to be released in the markets is Basecoin that also adopts the concept of a private central bank with an algorithm to guarantee it is pegged to 1USD to pkr.

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