Tether mints another batch of USDT stablecoins, issuing two billion in two days.
Lookonchain experts note that Tether, the issuer of the USDT stablecoin, has authorized the issuance of another billion coins on the Tron blockchain.
Tether Treasury minted 1B $USDT again 22 hours ago and has minted a total of 2B $USDT in just 2 days.
Will the price of $BTC rise as before?https://t.co/buOAbgA9Xc pic.twitter.com/ykHlMbD79r
— Lookonchain (@lookonchain) April 4, 2024
The new release of 1 billion USDT occurred just two days after a similar release on April 2.
Tether Treasury minted 1B $USDT again 2 hours ago.#TetherTreasury has minted a total of 6B $USDT in the past month.
It seems that after every minting, the price of $BTC increases, is it a coincidence?https://t.co/8NzHewH6Rlhttps://t.co/2wFo2DEvz3 pic.twitter.com/D5lEev8MdU
— Lookonchain (@lookonchain) April 2, 2024
At the time of writing, Tether had not commented on the release of the next batch of USDT.
Current data from CoinMarketCap shows that USDT has a capitalization of $106.2 billion. The DefiLlama dashboard also shows USDT’s market dominance, which is 69.2% of the total market capitalization of $153.2 billion.
Source: DeFi Llama
According to the observations of analysts at CryptoQuant, which traced the correlation between the circulating supply of USDT and the Bitcoin (BTC) rate, since the end of 2022, the circulating supply of USDT has increased by approximately 30 billion. Each increase in supply coincided with the beginning of the rise in the price of the first cryptocurrency.
Tether is the dominant stablecoin issuer in the market. However, information on Tether’s reserves remains opaque, raising concerns that the stablecoin could depreciate, substantially negatively impacting the cryptocurrency market.
Tether faced criticism after a Wall Street Journal investigation alleged that its partners used fake documents and shell companies to gain access to the banking system.
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