Tether Treasury has minted 120 million USDT coins on the Ethereum blockchain despite constant criticism.
The controversial stablecoin continues with its relentless money printing campaign despite heavy criticism. Just recently the company had printed 300 million USDT on the Tron blockchain to “replenish inventory.” Now, the treasury has sent another 40 million USDT to Tron.
Tether Treasury prints another $120M
The move was detected and reported by Twitter crypto bot Whale Alert. The Treasury has minted 120 million USDT worth $119,095,267 on the Ethereum blockchain.
Tether CTO paolo Ardoin claimed that the sum was printed to replenish inventory on the TRON blockchain. He stated that sum has been “authorized but not issued” meaning that the sum will be used to facilitate future transaction needs on the Ethereum blockchain
Bitcoin price is trading above the $11,000 mark and is holding steady. As such trading activity is expected to rise on the network and USDT is the most popular asset to trade BTC. As such, it is believed that USDT will be needed.
Crypto Twitter doubts Ardoino’s claim
However, the community doubts Ardoin’s claim and believes that the firm is trying to pump the price of Bitcoin through its printing campaign. Many users posted in the comment thread expressing their dissatisfaction with the company’s printing campaign.
Some users joked about pumping the price of Bitcoin while others wondered if the company possesses enough USD to back its USDT coins.
Tether Treasury has also transferred 34 million USDT to Binance and transferred 40 million USDT on the Tron blockchain via Poloniex exchange. Meanwhile, the treasury sent another 50 million to an unknown wallet.