Tether has gone on another printing spree and is set to hit $8 billion as it continues to add more USDT into the crypto market. Tether’s continuous and seemingly arbitrary USDT printing has continued to irk members of the crypto community.
Tether’s current market supply has now hit a record high. Towards the end of March, the USDT market capitalization hit $6 billion. Less than a month later, the market cap hit $7 billion.
Usually, people who come to Tether’s defense seem to suggest that the heavy printing is aimed at satisfying a spike in demand for stablecoins backed to the US dollar. However, this is not the case for other USD-backed stablecoins, as there seems to be no sharp rise in their demand.
According to Tether Transparency at press time, the current total for USDT is $7.9 billion. This shows that in the last 11 days, Tether has printed an additional $837 million. In addition, Tether again printed $80 million today.
Tether’s recent prints have sparked outrage in the crypto community. According to a tweet from BlockchainBusinessMagazine, Tether’s actions point to manipulation. The tweet explains that the entire cryptocurrency market is a little too affected by just one centralized stablecoin and describes the fact that nothing can be done about it, as a “massive problem”.