Every project active in the cryptocurrency and blockchain industry will be scrutinized sooner or later. In the case of Tether, there has been a fair amount of scrutiny at virtually every turn. Especially now that everyone’s favorite – or most-hated – stablecoin is migrating to even more blockchains, significant concerns have arisen. Only time will tell if those concerns can be justified.
Transparency Remains Problematic
It has been a very interesting two-year period for Tether, although not necessarily for the right reasons. Given the company’s somewhat complicated history with transparency and being straightforward about their reserves, it is only normal many questions linger to this very day. Addressing these concerns hasn’t been much of a priority for the company either, which keeps many cryptocurrency enthusiasts on edge.
The biggest example of this awkward situation is how every time USDT are brought in circulation, Twitter seems to blow up with speculation. This is especially true now that various accounts have been dedicated to tracking the company’s movements across the Omni blockchain. Things got very interesting when the company brought too many coins in circulation due to a “typo”, which was corrected within mere minutes.