Ethereum co-founder Joseph Lubin (Lubin Joseph) questioned the validity of the charges stablein Tether (USDT) to the manipulation of exchange rate for bitcoin. His thoughts entrepreneur shared in the episode Final Round of the Yahoo Finance website from 28 August.
Tether appeared in 2014 and was the first company which released the bitcoin-backed Fiat. Thanks to this course Tether is stable, hence the name of this kind of digital currency — stabilini.
In June, researchers from the University of Texas at Austin, has published an analytical article, which USDT suspected in price manipulation in bitcoin (BTC). Analysts relied on the situation in 2017 when the rate of the main cryptocurrency has soared to $20,000, and came to the conclusion that this was the result of a large number of exchange operations Tether for bitcoin.
Many members of the crypto community are also convinced that the company is lying about the status of their assets and, in fact, it does not have sufficient funds to maintain USDT. Joseph Lubin, meanwhile, does not share a skeptical view of her colleagues on this issue.
“Based on our analysis, which included conversations with many people from the cryptocurrency industry, we are confident that USDT provided the us dollar in the ratio 1:1”, — said the businessman. “I doubt that market manipulation, even if they were, have a direct relationship to the Tether. The cryptocurrency market has been an unregulated market where the big players can do whatever they want… It would be ideal if improved regulation, at least, centralized trading platforms”.
In June, a legal company, Freeh Sporkin & Sullivan, LLP (FSS) provided report about the auditing Tether, which confirmed the presence of the startup of sufficient funds for the maintenance of USDT in the ratio 1:1. However, doubts of the crypto community this report is not dispelled, as the FSS is not an accounting firm and did not comply with standards auditing procedures in the test.
About a week ago Tether reported emissions stablein for a total of $415 million in August. This raised USDT for eighth place in the ranking of cryptocurrencies in terms of market capitalization.