Although nobody seemed to notice, Tether (USDT) has officially passed the $6 billion mark.
Tether Treasury publishes its total assets on its website. However, few have noticed that its total assets recently hit a new milestone.
Over $6 Billion
According to the latest metrics posted on Tether’s own website, the total amount of USD₮ assets under its control is now $6,141,809,416.36.
With an excess of assets over liabilities being some $127 million, the total liabilities under Tether Treasury now totals $6,014,443,887.36, according to the latest stats. So, Tether recently hit a milestone—it has officially passed the $6 billion mark.
Tether USDt just passed $6billion and nearly no-one noticed …#justsaying
— Alistair Milne (@alistairmilne) March 27, 2020
Curiously enough, coin tracking sites like CoinMarketCap still list Tether’s market capitalization as $4.6 billion. No site thus far has accurately reported the stats represented on Tether’s own site, but we can likely expect an update in the near future.
The Most Controversial Stablecoin
Tether would not have been able to reach this $6 billion milestone had it not been for its record issuance rate in the past two weeks. As BeInCrypto reported, the past two weeks has seen the stablecoin print USDT in record numbers, virtually every day. Altogether, this has caused exchanges to hold more USDT than ever before.
Tether has been trumping Bitcoin’s trading volume for some time now. However, the stablecoin remains shrouded in mystery. BeInCrypto reported in September 2019 on a statement by the stablecoin’s co-founder that it ‘doesn’t really matter’ if USDT is backed by an equal amount of dollars. Likewise, Tether has been subject to a massive lawsuit that is currently in the courts.
Tether is now the fourth-largest cryptocurrency in the entire industry, a feat that would have seemed impossible years ago. However, it remains the most controversial part of the market and has often been linked to propping up the price of Bitcoin with unaudited USDT. We still don’t really know where Tether’s reserves are—and with USDT exceeding the $6 billion mark, these questions need to be resolved now more than ever.