It's time to take another look at USDT, the USD-pegged "stablecoin" otherwise known as Tether.
Tether’s supply increased by over 37% on May 13, with USDT’s market cap jumping to $8.7 billion in seconds as new money was printed.
Given the concern regarding Tether actually being fully backed, the event seems counter-intuitive to what is supposed to be the nature of Bitcoin.
$200 million of the $700-million loan have now been paid, but a DDoS attack has cramped the exchange’s operations.
Cryptocurrency exchange Bitfinex, along with stablecoin provider Tether, have been pulling out all the tricks it can to try to prevent an investigation against them by the New York Attorney General’s Office (NYAGO) to proceed.
Tether-linked exchange Bitfinex was dealt a fresh blow after plaintiffs in a class action lawsuit refused to amend their complaint of BTC price manipulation.
The Bitfinex cryptocurrency exchange, already involved in one class-action lawsuit, will now have to defend itself against another one.
Tether doesn’t believe there’s any merit to the accusation that it helped create the “largest bubble in history” and rejects claims that it has manipulated the cryptocurrency market in any way.