the market value of Digital Tether (USDT), a stable currency pegged to the dollar, has risen in recent weeks, which could help fuel the recent Bitcoin (BTC) rally that has driven Prices are close to all-time highs.
Paulo Arduino, who is the chief technology officer of Bitfinex and Tether, tweeted last Thursday that the supply of Tether had increased by one billion dollars over the course of 9 days, It is the second fastest expansion in its history, as the record was set on September 4, 2020 when Tether's eight-day traded supply increased by 1 billion.
As of Saturday, Tether had a market cap of around $ 19 billion, which means that there are approximately $ 19 billion in circulation at $ 1,000.
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Tether's market value has increased fourfold since the beginning of 2020, according to CoinMarketCap data.
Tether has the fourth highest market capitalization of any cryptocurrency in the current bid.
Tether and other stablecoins offer the value of fiat currencies in the cryptocurrency markets, thus minimizing price volatility and ensuring easy redemption once the digital assets are sold.
and although Tether is supposed to be backed by real US dollar reserves, Tether has never produced a full audit of its bank accounts.
In 2019, a report from Bloomberg claimed that Tether coins were not fully linked to the dollar, but rather that the traded offer was backed by only 74% cash and short-term securities .
Tether is also operated by the same management group that oversees Bitfinex, one of the largest cryptocurrency exchanges in the world.
allegedly Tether and Bitfinex rigged the 2017 bull market, although such a claim is difficult to prove due to the complex nature of decentralized digital currency markets.
legal experts informed Coin Telegraph earlier this year that the scope for market manipulation in a new asset such as Bitcoin would be difficult.
Meanwhile, Tether remains the dominant stablecoin in the industry, accounting for more than three-quarters of the stablecoin's market value.
