Tether is back and minting with more power than ever since their controversial pre-audit split from Friedman LLP last year. At the time, the Bitcoin price correlation that was pointed out by critics brought on the threat of legal action. However, nothing came of the threats and still no defining audit has been made.
The lack of transparency as to where the apparent 1:1 US dollar backing comes from has done little to slow Tether’s USDT coin rise. Tether also claims Euro backing for their 86 million EURT coins.
Long-term outspoken critic ‘Bitfinex’ed‘ was back to highlight the fresh correlation between price increases in Bitcoin and Ethereum and the issuance of new Tether coins. In early March he pointed out similar comparisons.
Within an hour of the new Tether tokens being issued, both BTC and ETH saw significant gains.
Tether has recently seen some competition to its stablecoin monopoly in the form of Circle, TrueUSD and Basis.
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