While the crowning cryptocurrency, Bitcoin tops over $9000 figure for the first time since March, Tether Treasury reportedly minted another 60M USDT. 

Tether Treasury Issues Another 60M USDT

First traced by Whale tracker, Whale Alert, another 60M USDT was issued recently. While many compared this action with the Fed, trading expert Peter Brandt links Tether to Nigerian Trinkets.

The fourth-largest token, Tether is a controversial stablecoin, valuing the total market capitalization of $6,401,269,343 at the time of reporting this. 

Following the news of Tether printing, a crypto community on twitter criticized constantly and in fact, as per trading veteran, Brandt, those who hold tether are fools.He further stated that “it is a joke when people condemn USD as fiat, yet hold tether.” He also cautioned US citizens, especially those that are selling BTC or other cryptos for USDT to escape the IRS:

"Point of clarification for U.S. citizens. Selling BTC or other cryptos for tether does NOT let you escape the IRS. The trigger to the IRS is the amt of cryptos sold/traded. Once you hit that level (AND THAT LEVEL WILL BE DOWN TO $1k within years) you will be reported by the exchange." 

Noticeably, concerning the transparency report, Tether Treasury now has close to $7.8 billion in the total amount of USDT. However, the other part of the story highlights that the USD-backed stable coins are on a huge demand as compared to the digital currencies which are volatile in nature. 

More so, according to Brandt, Tether is neither reputable nor well regulated, henceforth considered as a risky asset to park funds in.

The fact is that Tether previously claimed it held a 100% reserve in USD, however, later during a court case, it appeared that they held as low as 74%. 

Bitcoin Surges Over 9k

Nonetheless, Bitcoin (BTC) and altcoin market just witness another strong day in trading volume that brought the price of BTC past the USD 9K mark.

In contrast to Tether stablecoin, Bitcoin is quite volatile. That being said, the world’s largest cryptocurrency is currently trading at over $9200 against USD. The token is surging by 16.26 percent within the past 24Hrs and presently valuing the market capitalization of $169,180,686,266 with halving edging closer.