Bitfinex Puts Nearly 13 Million New Tether Stablecoins Into Circulation
The team of the trading platform Bitfinex increased the market supply of Tether (USDT) token, pegged to the US dollar's rate. The batch of 12.89 million new stablecoins was transferred from an anonymous address to the crypto exchange, Whale Alert reports.
The Hong Kong-based exchange Bitfinex is ranked fourth by a daily trading volume, according to CoinMarketCap. The most popular cryptocurrencies among its users are Tether (10% of all transactions), XRP (Ripple), bitcoin, and ether.
Bitcoin experienced a "quantitative easing" as a large batch of stablecoins came to the platform, but that did not affect the price of the first cryptocurrency. At Bitfinex, the BTC remained within the average market price of $6640.
According to a recently published study, crypto exchanges presumably overestimate the trading indicators thousand times. Analysts say that more than $6 billion of the claimed daily trading volume can be considered a fraud. Bitfinex also entered the list of these exchanges, taking the second position.
Tether is among the top 10 most traded cryptocurrencies, according to CoinMarketCap data. In August, the Tether team issued new tokens — the new batch was worth $50 million. The decision followed the USDT market capitalization decrease by $300 million the month before.
The representatives of Tether have often been criticized for non-transparent activity. They claimed that each token is supported by a real US dollar, but the company has not yet provided any evidence that the money is available.
Earlier, BitFinex launched Ethfinex Trustless — the Ethereum-based platform.