In a recent move, Tether, the stablecoin issuer, has requested the minting of an additional 1 billion USDT, boosting its Treasury by a staggering 1,000,497,499 US dollars. This surge in circulating supply aligns with Tether's trend of fueling the crypto financial markets in preparation for potential price increases in Bitcoin and other cryptocurrencies.
Tether's Ongoing Expansion: Market Cap Surpasses 94 Billion Dollars
The unstoppable rise of Tether continues as it issues another billion USDT tokens on the Ethereum blockchain. This move closely mirrors previous increases, contributing to a significant surge in market capitalization, with approximately $2.25 billion added in the past week alone. Tether's growth trajectory over the last month surpassed 4 billion and an astonishing 28 billion dollars over the past year.
Tether's Dominance in the Cryptocurrency Markets
In comparison to competitors like USDC, DAI, and TUSD, Tether solidifies its presence in the cryptocurrency markets, enhancing liquidity for exchanges and influencing the prices of major cryptocurrencies positively. The overall market capitalization of stablecoins, driven by Tether, has seen a continuous 15-week increase.
Tether's Multi-Network Presence
Tether's impact extends across various blockchain networks, with approximately 48.9 billion tokens on the Tron network and 44 billion on Ethereum. Minimal participation is noted on other blockchains such as BSC, Arbitrum, and Solana.
CTO Clarifies Recent USDT Minting
Paolo Ardoino, Tether's CTO, clarified that the recent minting of 1 billion USDT on the Ethereum blockchain was for inventory purposes. The transaction is authorized but not yet issued, signifying potential future use for minting requests and chain swaps.
Whales Prepare for Bull Run: USDT Flow to Exchanges
Noteworthy on-chain data reports indicate that whales are preparing for the next crypto market bull run by transferring stablecoins to their wallets. Large sums of USDT are flowing to major exchanges like Bitfinex, Coinbase, Kraken, and Okx, hinting at potential strategic moves to acquire volatile assets like BTC and ETH.
Suspicious USDT Movements Coincide with Market Events
Several whale transactions, including a transfer of 45 million USDT to Bitfinex and an anonymous address accumulating over 2.8 billion dollars in three months, coincide with significant market events. These movements, occurring just before crucial market developments, raise eyebrows and prompt speculation about potential insider knowledge.
While not implying wrongdoing, recent large fund transfers, particularly in the context of market-sensitive events, raise questions. Whether these transactions are strategic moves by informed insiders or mere coincidences remains uncertain. The cryptocurrency community remains vigilant as Tether's influence continues to shape market dynamics.
JinseFinance
Coindesk
Others
Bitcoinist
Cointelegraph