Tether Continues Tear as its Daily Crypto Transactions Reach Record Levels

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Controversial crypto stablecoin Tether continues at full speed ahead as recent data shows its daily transactions are the highest they have ever been.A recent Reddit post shows Tether reached 208,107 daily transactions on May 25th, 2020, which equated to $1.2 billion in value.Source: reddit.comWhat’s more, daily transactions have been in an ascending channel, following a dip in February 2020, as characterized by higher lows since then. And having broken previous resistance set in September 2019, of around 190k daily transactions, it looks set to continue on this path.However, at present there’s still an overhanging court case being heard at the New York Supreme Court. Prosecutors allege that Tether Limited, in conjunction with its sister company, crypto exchange Bitfinex colluded to mint and issue as much as $900 million in unbacked funds.But despite that, as well as vocal and blunt criticisms from prominent figures within the crypto community, Tether continues to go from strength to strength.Constant Criticisms of Tether are not Going AwayAccording to Tether’s own whitepaper, Tether crypto tokens are 1:1 backed with fiat currency, which, in this case is the USD.“In order to maintain accountability and to ensure stability in exchange price, we propose a method to maintain a one ­to ­one reserve ratio between a cryptocurrency token, called tethers, and its associated real ­world asset, fiat currency.”

Via: https://www.newsbtc.com

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