Controversial Tether Market Cap At All Time High

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Controversial Tether Market Cap At All Time High

Posted on August 19th, 2018 in Blockchain News by Ryan Warner

CCN is reporting that the controversial dollar backed token Tether has printed $415 million and hit an all time high market cap.

Reportedly, Tether has created some $415 million Tether's in the month of August.

Additionally Tether issued $20 million on Saturday alone. This brings Tether's market cap up to $8.7 billion making it the eighth most valuable cryptocurrency with trading value exceeding all cryptos with the exception of Bitcoin.

Tether is holding an additional $251 million USDT that has yet to be issued.

Tether is controversial as it has been rumored to have pumped the values of cryptocurrencies, as well as never having issued a full and transparent audit.

Despite engaging Freeh,  Sporkin & Sullivan LLP  to review their bank account information in June to check the number of tether in circulation in comparison to their treasury reserves, as Tether is proported to be backed 1:1 by US dollars.

The report showed that tethers funds were split between two accounts as so:

  • BANK 1: $1,968,538,584.82 USD (unencumbered)
  • BANK 2: $576,528,652.00 USD (unencumbered)
  • TOTAL: $2,545,067,236.82 USD

With a $2.5 billion reserve treasury as of June 2018, and now there being 2,722,140,336 tethers in circulation. We can only presume their reserves have increased since then.

There has been no new tweets since July on the official tether twitter account.