Chinese Bitcoin Billionaire Argues USDT Premium is Caused by USD Inflow, Not Tether Inflation

After the recent market rally led by Bitcoin, Chinese crypto traders have to pay an additional 3%-5% on over-the-counter (OTC) marketplaces for the stablecoin Tether USDT to avoid the ban on crypto trading. Zhao Dong, an early bitcoin adopter and one of China’s biggest OTC traders, recently took it to Weibo (the Chinese equivalent of Twitter) that the cause of USDT premium surging is USD capital inflow, instead of the conspiracy that Tether is inflating USDT to push the price up.

The price of USDT hit over 7 yuan on OTC platforms at one time, up more than 4 percent against the US dollar. This USDT premium surge over the past few days has gained much attention. Whilst, the fact that its issuer Tether printed more than 60 million USDT on April 9 has again sparked great discussion in the crypto community.

In response to investors’ suspicion of Tether inflation, Zhao explained the premium in USDT on Weibo and asked capable readers to translate it into English for the Americans, claiming “(let’s see) who is the conspiracy theorist behind it? I don’t know whether it is the Americans, but I’m sure it’s the USD capital.”

1

Translated by Lianbimao (链币猫)

1

Another possible translation from Shanmujinke (山木今可)

Though he tries to convince investors to believe US dollar inflow and the arbitrage space of BTCUSD against BTCUSDT is the reason behind the price surge of USDT, many don’t buy it claiming USDT is mostly played by Chinese traders.

  • 33
Block
Add Reply
Feedback |

Good morning

Add Reply
展开

Support

Add Reply
展开

support~

Add Reply
展开

thanks for sharing.

Add Reply
展开

Good morning         

Add Reply
展开

Support you            

Add Reply
展开

Come and support

Add Reply
展开

Great sharing.

Add Reply
展开

Support

Add Reply
展开

Mining  

Add Reply
展开

Hello

Add Reply
展开

Support

Add Reply
展开

Come and support

Add Reply
展开

Come and mining

Add Reply
展开

Support

Add Reply
展开

Nice  sharing  

Add Reply
展开

支持

Add Reply
展开

 挖矿

Add Reply
展开

Support Landlord           

Add Reply
展开

thumbsup

Add Reply
展开

Thanks  your sharing

Add Reply
展开

Support and  mining          

Add Reply
展开

Nice sharing       

Add Reply
展开

Support you!          

Add Reply
展开

Good sharing

Add Reply
展开

support······      

Add Reply
展开

mining ······         

Add Reply
展开

supprting u

Add Reply
展开

hello

Add Reply
展开
You should login to reply
You will reward to {{ username }}

Available Balance: {{balance}}

≈ $ {{usdtAmount.toFixed(2)}} (The reward commission rate is 10.0%)

New Favorite Bag

Add To Favorite You can create multiple favorites and classify the topics. Please select the favorites you want to add.
{{ favoriteBag.title }} {{ favoriteBag.favorites_count }}Topics

{{ text }} OK
fa-bars fa-arrow-up