Data from blockchain analytics platform, Santiment show that the supply of the stablecoin Tether (USDT) on exchanges reached its 6-month high. Since mid-June, the amount went up by 22.5% and currently stands at around $8.99 billion.
Related: The US Authorities Investigating Tether for Possible Offense
The analysis indicates that there is a high interest in buying USDT.
The ratio of #Tether stablecoins on exchanges has risen to 22.5%, which is the highest level in over 6 months. This amount of supply converts to $8.99B, indicating a rising level of buying power accumulating on exchanges. https://t.co/Ew9XWwqO2N pic.twitter.com/EjTwvQXOE2
— Santiment (@santimentfeed) December 17, 2021
USDT is the largest stablecoin by market cap, which currently stands at over $76.3 billion. The coin is backed by the US dollar. Among all the crypto assets, USDT is the fourth.
Currently, the issuer of the stablecoin, Tether Holding Limited, faces a lawsuit.On December 14, the company announced that two plaintiffs Matthew Anderson and Shawn Dolika submitted a complaint, accusing Tether of not being 1:1 to the dollar. The company called the lawsuit nonsense and copycat, saying its aim is to get a payout based on claims that have no ground. Tether said they would aggressively litigate and dispense with the action in due course.
Tether had been sued previously by the Commodity Futures Trading Commission and paid fines.