On March 21, Tether minted $1 billion worth of USDT on the Tron Network, causing a stir in the cryptocurrency industry. The announcement came just days after the Wall Street Journal published an investigation into Tether’s alleged use of fake paperwork to gain access to bank accounts.
Further controversy ensued when a whale alert tweet revealed that 166 million USDT had been transferred from the Tether treasury to the Binance exchange. Initially, the alert reported a transfer of 99,455,988 USDT, followed by an additional 66,933,166 USDT.
This move has led some to question whether Tether is acting fishy and whether the stablecoin industry is seeing rising levels of competition. Tether has been creating billions of USDT in recent weeks, despite concerns about the potential demise of stablecoins such as USDT.
Tether’s rise to become one of the most prominent stablecoin issuers on the market has not come without controversy. The company’s alleged use of fake paperwork to gain access to bank accounts has sparked concerns about the stability of the stablecoin industry.
As the industry continues to grow, it remains to be seen whether Tether’s controversial practices will hinder or aid its success. The cryptocurrency community will undoubtedly be watching closely to see what happens next.