Tether Produced 100 Million New USDT On Tron’s Network

Tether produced 100 million news USDT on the TRON network while the value of the token recently surpassed XRP and reached $9.2 billion as we are reading more in the latest Tether news today.

According to the new information reported by Whale Alert, the officials of Tether produced 100 million new coins on TRON’s network as the CTO of the platform Paolo Ardoino no longer neglected to explain that this was actually ‘’an inventory renewal.’’ With this move by Tether, the total value of TRON-based USDT reached $2.7 billion and in comparison, we can see that the total value of Ethereum based USDT is now set at $5.7 billion. The 100 million new USDT was not really welcomed by the rest of the crypto community as the social media users said that Tether begins to look like the US central Bank (FED).

2.78 billion $USDT on #TRON now. #TRX $TRX pic.twitter.com/NPDoO9AbRS

— Justin Sun (@justinsuntron) June 13, 2020

In the other Tether news recently published, we can see that Tether and Aave protocol recorded a major increase in the demand for the USDT token, attributed to the growing interest in Defi applications. The press releases mentioned that there was a ‘’ready take up of USDT in Flash loans’’ which allows the users to borrow multiple different ERC-20 compliant tokens without having to put up the collateral to back the loan positions. Paolo Ardoiono, the CTO of Tether said that USDT is ‘’the reserve currency of crypto and DeFi.’’ The USDT market cap increased by more than 4 times from around $2 billion last year to about $9 billion. Tether works along with EOS, Algorand, Ethereum, and Tron.

💵 💵 💵 💵 💵 💵 💵 💵 💵 💵 100,000,000 #USDT (99,624,696 USD) minted at Tether Treasury

Tx: https://t.co/0uuZGa79YX

— Whale Alert (@whale_alert) June 13, 2020

Also, Bitfinex integrated USDT onto the OMG network, and now the exchange hopes to reduce the confirmation times while delivering faster payments while the fees will also be reduced without compromising the on-chain security. USDT deposits on the OMG  network will also be enabled on the Bitfinex platform. Bitfinex responded to the latest lawsuit against Tether and dismissed the manipulation lawsuit saying it is based on a conspiracy theory.

Bitfinex and Tether were accused by US citizens of manipulating the price of the number one asset – Bitcoin, back in 2016 and 2017. The plaintiffs alleged that the shared executive management of Tether and Bitfienx colluded to print millions of unbacked USDT which is then used to purchase and to also inflate the Bitcoin price.