Tether prints $300 million in USDT, community confused

25 Apr, 2019 | Updated: 25 Apr, 2019
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Tether prints $300 million in USDT, community confused

Tether, the company behind the most popular stable coin USDT, printed $300 million in new USDT yesterday

Popular whale movement account on twitter @WhaleAlert caught the transaction, which saw $300 million minted in new USDT, the stable coin for Tether.

The massive amount of USDT minted caused much confusion between twitter users, who had no idea why such a large amount of funds were being printed by the company. Concern was also expressed about weather the funds were backed by real world dollars.

Tether has come under fire in the past for not supplying relevant documents indicating that the company has proper USD reserves for the USDT in circulation, however this was eventually cleared up and confirmed by the company.

Therefor it would be safe to assume that the newly minted $300m USDT is in fact backed by USD. If that is the case, that is a large sum of fiat entering the crypto space.

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Read more about: Tether (USDT)

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