• Tether has issued three billion USDT in the last two weeks

  • Tether has minted over three billion USDT in the last two weeks, most recently on the TRON blockchain on December 4. The circulating supply of USDT is currently around 76 billion.

    Tether has minted another $1 billion worth of the USDT stablecoin on the TRON blockchain, according to transaction data. The minting took place on December 4, 2021, during a year that saw the creation of many billions of USDT.

    Tether, on the other hand, will have to do a lot to win over lawmakers around the world, with stablecoins becoming one of the most prominent concerns for lawmakers all over the world. When stablecoins become more regulated — which is a matter of when, not if — its reserves will be a major talking point. The CFTC has already fined it $41 million.

    Hindenburg Research has also launched a program called the Hindenburg Tether Bounty Program, which offers rewards of up to $1 million for information on Tether’s support.

    The minting comes as market watchers continue to criticize Tether for allegedly not having enough cash on hand to fully back its reserves. According to reports, only 2.9 percent of Tether’s USDT supply is backed by dollars.

    Tether minted three billion USDT in the first week of November, bringing its total circulating supply to approximately 76 billion USDT. Tether’s supply is more than double that of USD Coin (USDC), which is estimated to be around $39 billion.

    Concerns about the USDT supply have been raised for years, drawing criticism from both the crypto community and lawmakers. Tether has stood firmly behind its decisions and has taken steps to become more transparent.

    Tether has stated that in response to lawmakers’ reviews, it will make an effort to collaborate with global lawmakers to work on stablecoin-related issues. Given Tether’s position in the stablecoin market and its contentious history, this was unsurprising.

    Other stablecoin projects have begun to implement transparency and accountability measures as well. Circle, a USDC-issuer, announced earlier this year that it would take such steps. The SEC has also subpoenaed Circle, who has stated that they will fully cooperate in this matter.

    Despite attempts at transparency, tether scrutiny remains high.

    Tether’s backing has been the subject of investor scrutiny for many years, and it is only in the last year that it has made a more visible effort to alleviate concerns. In recent months, the company has taken steps to ensure that it does not violate any regulations.

    Nonetheless, the company’s actions have piqued the interest of lawmakers. Sherrod Brown, chairman of the United States Senate Banking Committee, wrote to Tether CEO Jean-Louis van der Velde just over a week ago. The chairman expects Tether to respond to concerns about the stablecoin by December 3, though no further details have emerged.

    Tether has stated that in response to lawmakers’ reviews, it will make an effort to collaborate with global lawmakers to work on stablecoin-related issues. Given Tether’s position in the stablecoin market and its contentious history, this was unsurprising.

    Other stablecoin projects have begun to implement transparency and accountability measures as well. Circle, a USDC-issuer, announced earlier this year that it would take such steps. The SEC has also subpoenaed Circle, who has stated that they will fully cooperate in this matter.

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