Tether's Latest Scandal: 'Unbacked' $1 Billion USDT Print Sparks Controversy!

Bittime - Tether, one of the largest stablecoins in the crypto world, minted another USDT on April 16th. This large printing is a major highlight in the cryptocurrency market, considering that market conditions are experiencing significant losses.

The Controversy Behind Tether Minting

Tether's massive minting of USDT has sparked controversy and questions regarding its legitimacy. This was particularly highlighted by WhaleWire, which questioned the legitimacy of the printing just minutes after it occurred.

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Tether CEO Explains

Tether CEO, Paolo Ardoino, provided an explanation regarding the USDT printing. According to him, this activity is “inventory replenishment,” although this has raised criticism and questions about the actual support of the minted USDT.

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Implications for Crypto Markets

The massive minting of USDT without clear support has had a significant impact on the crypto market. This raises concerns regarding the stability and trust of stablecoins, especially considering their dominant role in cryptocurrency liquidity on various exchanges.

Also read: Are USDT and USDC Really Stable?

Response from the Crypto Industry

This USDT printing also created a response from various parties in the crypto industry. BlackRock, one of the world's largest financial institutions, cited significant risks associated with market exposure to USDT. Meanwhile, Circle and Coinbase are actively encouraging authorities to monitor and further evaluate Tether's USDT printing.

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With controversy and questions arising around Tether's minting of USDT, the crypto market is faced with greater uncertainty. Transparency and trust are key in ensuring stability and sustainable growth for the cryptocurrency ecosystem as a whole.

How to Buy Crypto on Bittime

You can buy and sell crypto assets in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.  

To be able to buy crypto assets on Bittime , make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.  

Learn  Complete Guide How to Buy Crypto on Bittime . 

Monitor price chart movements of Bitcoin (BTC) ,  Ethereum (ETH) ,  Solana (SOL)  and other cryptos to find out today's crypto market trends in real-time on Bittime. 

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DISCLAIMER:  This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.