It’s safe to say that Tether had had one hell of a year.
It’s been lawsuit after lawsuit and it doesn’t seem t be getting any better as earlier this week, the leading stablecoin was slapped with another sepena for lawsuit, just adding to the woes of the companies experience in 2019.
This time around, Tether has been accused of deliberately manipulating the market for its own benefit and while it adds that “calculating damages at this stage is premature” it estimates around $1.4 trillion in damages.
Even so, the firm doesn’t seem fazed by such a lawsuit and must have a trick up its sleeve to get out of such a fiasco. However, the company has gone on to mint two new transactions worth about $32 million.
Both transactions took place at about eight hours on the same day with the first one being worth $20 million and the second ranging at around $12.4 million. Such transactions aren’t the biggest Tether has ever seen, no – but the timing is enough to trigger harsh words from an emerging industry.
On top of this, it’s worth noting that this could all in fact relate to bitcoin. It’s been picked up on by a few people that fresh USDT mints pumped price activity. Furthermore, it’s been noted that this correlation can also be seen between bitcoin and Tether’s 30-day moving average.
As reported by ZyCrypto:
“The recent USDT pumps also seemed to correspond with BTC at the time. BTC has been trading quite disappointingly after it fell below the $8,000 mark recently. However, prices reached and crossed the $8,200 mark around the same time these Tether pumps were recorded.”
Tether’s noteworthy price pumps have gone down over the year though. Mainly ever since its cover-up case with the New York Attorney General. Despite this, printing has not definitely been stopped, instead, they are done in a much lighter round and aren’t tied down for long, but almost immediately spread.