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Kraken CEO: Massive Inflows of Fiat Currency Coming Into Crypto

Kraken CEO Jesse Powell is dismissing fear, uncertainty and doubt on whether the stablecoin company Tether is printing USDT to boost the price of Bitcoin.


In a new interview with TD Ameritrade Network, Powell says his crypto exchange is seeing huge amounts of fiat currency coming in this year, which correlates to the increasing supply of Tether.


“I don’t have inside knowledge of what’s happening at Tether. But I can tell you that historically, when you’ve seen growth in the supply of Tether, we’ve seen growth in the supply of US dollars coming onto Kraken, and other exchanges would report the same. So I think what you’re seeing in Tether is just a very transparent reflection of what is happening at the banking system level with all the exchanges. When new Tether is being printed, 99% of the time tons of US dollars are coming into the exchanges as well, and it’s not just being represented as Tether on the blockchain. Recently, we’ve had massive inflows of fiat currency, so I believe that the Tether prints are a result of new fiat coming in…


Read More at The Daily Hodl


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