A controversial stablecoin, Tether has frequently been in the news for a series of mintings and complaints regarding the transparency of its funds. Despite this, it has grown to be one of the most used stablecoins.
Tether has engendered a lot of discussion in the community, with some saying that it would wreak havoc on the market if it didn’t have the reserves to back up its 9 billion or so USDT tokens. It has also received criticism for minting USDT, most recently having minted 15 million USDT on the Tron (TRX) network. Tether has seen its supply grow by over 40% since the start of March 2020.
Developments in Tether’s history have led noted analyst Peter Brandt to label Tether a “Nigerian trinket.” and also saying that it would attract the attention of the US Internal Revenue Service (IRS).
Meanwhile, Ripple has been experiencing its own ups and downs in the market, The financial institution-focused asset had briefly overthrown Ethereum in the second spot, and has roped in many partners for its cross-border network RippleNet. However, it has also been embroiled in numerous lawsuits, as well as launching its own case against Youtube for giveaway scams. Sales figures have also dropped considerably since last quarter.