Rope [USDT] On shaky grounds: Will this new development reinforce fears

  • The research and development surrounding Tether continued to grow as it did not provide audited financial statements
  • The number of Tether transactions decreased while active addresses saw an increase

According to a recent report from The Wall Street JournalAnd the Rope [USDT] issued huge approximately $6.1 billion as of September 30, 2022. In addition, Tether has not published audited financial documents or a full balance sheet documenting it. This lack of transparency from Tether could spark more FUD against stablecoins, as the community can become aware of it Loans in a negative light.

USDT is the largest stablecoin by market cap in the crypto industry. If its parent company, Tether, were to face a financial scandal, it would have a negative impact on the entire crypto market.

At the time of writing, the supply of USDT mini contracts is down to a 21-month low of 11.64%, according to glass knot. despite, The headliners kept showing their interest, because The supply held by the top 1% titles reached one the highest level in five months from 95.32%.

Prepare USDT R&D?

USDT has not shown any improvement across the board as the number of USDT transactions has continued to decline over the past few days. Transaction values ​​also fell, according to data from Dune analytics.

Source: Dune Analytics

In terms of network growth, USDT has grown on Polygon (purple) and Ethereum (blue) over the past month, as shown in the image below. The sudden surge in network growth showed that the number of addresses moving USDT for the first time increased. This indicates an increase in the use of USDT on Ethereum and Polygon.

However, Arbitrum’s network growth declined over the same period.

Source: feeling

The number of active USDT addresses has increased by 18.83% during the past month. In addition, its market value has also decreased 10.52% also. As of December 2, USDT accounted for 7.82% of the total crypto market, according to data from Messari.

Source: Messari

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