Tether Remains Vigilant Despite Steady Drop In Supply
On the 23rd of July, reports stated that Tether was dropping in its total supply. The coin’s supply, including all tokens within circulation, has dropped by a whopping 200 million, bringing down the total supply of more than three billion tokens to around 2.96B in total. As of now, crypto-exchanges are operating with a total of 2.5 billion coins overall.
As with any currency, a dropping supply usually indicates retracting any funds associated. Unlike large investors or companies, smaller users usually wait long periods of time to receive their funds. As for the Tether minting wallet, no loss in transactions or coins rendered useless have been discovered, explaining no reason for the drop in supply.
The total supply of coins that was told to CoinMarketCap is now very different from the total supply report by the UTSD wallet, displaying over three billion tokens as opposed to the previously reported 2.96B. Among additional reports, TrueUSD also saw significant drops in its supply. The TUSD dropped from over 80M in total to around 67M coins and following additional reports, it continued dropping steadily following the 23rd of July and onwards. As of now, the remaining 67 million coins in supply have been placed in over 700 addresses.
A new solution has been proposed in light of the influence of USDT, although it's influencing cannot be attributed with purchasing BTC but is instead filtered through the EOS system. Brock Pierce, the co-founder has been related to EOS and Tether as a connection between both and several “fingers” are pointing to the previous suggestions that EOS was a means of manipulating BTC.
The concept of manipulation has displayed as USDT operating within Ethereum’s lesser developed market and the eventual slip into EOS. Bitfinex, another major cryptocurrency exchange platform, has been allegedly swaying the price of Bitcoin using its influence and status.
Tether tokens have also found their way into several different markets, supplying stepping stones for other digital currencies like XLM and provides an additional boost. Cardano and its ADA tokens have been trading against Tether with over 40 percent as an increase. On the other hand, TRON has jumped over 60 percent under the same conditions. Previously, alternative coins rising in USDT price have later had the assets transferred to BTC.
After months of holding at around 14 percent of the entire USDT market trade, it has recently climbed an additional six percent, resting at 20 as of late. Despite its perceived importance to cryptocurrency markets and their operations, many believe that USDT provides the riskiest factor in legality and consistency.