Tether, the most famous stablecoin, conducted an additional issue of USD₮ tokens. The company added $50 million worth of tokens to the market, according to Omni Explorer.
Tether ranks second after Bitcoin (Bitcoin) in terms of 24h trading volumes. Tether (USD₮) is a digital currency that arose as a result of a merger of fiat and cryptocurrency, which Tether Limited has been producing for more than three years.
At the end of June, the company issued tokens for $250 million, entering the top-10 largest cryptocurrencies. Before that, another 250 million USD₮ were "printed" in May. Another market injection ended with 300 million USD₮ that appeared in March. More than a third of all Tether coins went into circulation during the period from December 6, 2017 to January 23 of this year.
WHY IS IT IMPORTANT?
1. In December 2017, Tether and Bitfinex received a subpoena from the CFTC (Commodity Futures Trading Commission) to come into court. The investigation of law enforcement agencies is covering Tether activities. The company sells its cryptocurrency for US dollars at a 1:1 ratio and claims it is "backed 1-to-1 by traditional currency held in [their] reserves”.
2. In June the company has finally presented an audit report aimed to prove their bank accounts are capable to back USD₮. However, the report has been compiled by Freeh Sporkin & Sullivan, LLP (FSS), a law firm, not an auditor, so it can not be a full-fledged document.