Overview of Tether (USDT)
•Tether (USDT) is the largest stablecoin in the crypto industry with approximately 68 billion units in circulation.
•Tether USDT enjoys a higher daily traded volume than Bitcoin and Ethereum combined, with a daily trading volume of about $40,058,042,121.
•Over 4 million holders of Tether USDT have facilitated about 175,246,251 transactions.
Controversy Surrounding Tether USDT
According to a recent report by Wall Street Journal, approximately 86 percent of Tether (USDT) was controlled by four individuals as of 2018. The documents were obtained from 2021 probes of Tether by the New York Attorney General and the federal Commodity Futures Trading Commission (CFTC). According to these documents, Giancarlo Devasini owned 43 percent of Tether in 2018 while Bitfinex CEO Jean-Louis van Der Velde and Chief Counsel Stuart Hoegner each owned roughly 15 percent at that time. These claims have been opposed by Paolo Aordino who is the chief technology officer of both Bitfinex and Tether stating that all Tethers are backed 100% by fiat currency.
Expert Opinions
Qadir Ak is an experienced writer who has been covering the blockchain and cryptocurrency space since 2010. He believes that stablecoins like Tether USDT are vital in offsetting high crypto volatility as traders either take refuge or profit from it. Furthermore, he interviewed few prominent experts within the cryptocurrency space on this topic who also shared their opinions on this matter.
Implications
The controversy around Tether USDT puts it under a lot of scrutiny from global lawmakers and media companies alike which might lead to further investigations into its operations. Moreover, if it’s found out that these claims are true then it can have serious implications for both Bitfinex as well as for the whole cryptocurrency market due to its huge market cap and daily traded volume compared to other cryptocurrencies like Bitcoin and Ethereum combined..
Conclusion
Despite all its controversies surrounding its operations, there is no denying that stablecoins like Tether USDT are beneficial for traders to take refuge from high crypto volatility or even gain profits from them due to their huge market capitalization along with higher daily traded volumes compared to other cryptocurrencies like Bitcoin or Ethereum combined making them one of the most important players in the cryptocurrency space today.