Tether keeps printing new USDT coins, despite facing a recent lawsuit with claims for $1.4 trillion. The stablecoin producer revealed several transactions that expanded the USDT liquidity.
The recently launched class action lawsuit finally calls out Tether directly on what was only unofficially discussed on social media. USDT coins have been created and used with the intention to manipulate the crypto market, causing a larger bubble and a more damaging crash, the plaintiffs explained.
Today, @RocheFreedmanLP filed a class action lawsuit on behalf of those who own cryptocurrency against Tether and Bitfinex (and others) for manipulating the cryptocurrency market to create the largest bubble in history. @VelvelFreedman @joemdelich https://t.co/c3iOW5eTF7
— Kyle Roche (@KyleWRoche) October 7, 2019
Just at that moment, the Tether Treasury minted two transactions of 12 million and 20 million USDT.
💵 💵 12,387,600 #USDT (12,392,934 USD) minted at Tether Treasury
— Whale Alert (@whale_alert) October 7, 2019
Granted, the transactions were relatively tame, in comparison to previous injections of hundreds of millions.
💵 💵 20,000,000 #USDT (19,952,765 USD) minted at Tether Treasury
— Whale Alert (@whale_alert) October 7, 2019
The USDT injections coincided with a revival in market activity, as Bitcoin (BTC) recovered above the $8,200 level and altcoins moved even higher. This market behavior calls back to the market rally in July, where the New York Attorney General (NYAG) found Tether and Bitfinex were doing unlicensed business in New York. Just at that time, BTC went on to rally, distracting the markets from the negative events surrounding Bitfinex and Tether.
Now, there are 4,108,044,456 USDT in circulation, of which each coin moves through exchanges about three or four times a day. The volume of USDT even rose when the lawsuit was announced, to above $22 billion per day. USDT remains highly active and…
