1.6 billion USDT was minted in April, Tether does not stop the printer
Tether, the issuer of the stablecoin USDT pegged to the US dollar, is in the spotlight again as the company's treasury issued new USDTs worth more than $ XNUMX billion in a single month.
From April 1, 2020 to April 30, accumulated records of Whale Alert , a platform that tracks large crypto transactions to and from exchanges, revealed that the Tether Treasury printed a total of 1,58 billion USDT worth $ 1,59 billion. Tether minted 480 million USDT tokens in the first two weeks of April, and 1.100 billion tokens were printed during the rest of the month despite mounting criticism.
[amazon box="B00R6MKDDE"]Does Tether print when Bitcoin goes down?
According to page official transparency of Tether, USDT's total asset value is currently just over $ 7,9 billion, while its market capitalization according to CoinGecko is 7,8 billion. Bitcoin and the rest of the crypto markets posted terrible losses in March. The leading cryptocurrency plummeted from more than $ 9.200 to a low of $ 3.700 in just a few days, but managed to end the month with a price of $ 6.400.
It is a widespread belief in the crypto space that the issuance of large amounts of stable tokens, in this case USDT, is a sign of an impending run for Bitcoin.
On the one hand, that could be true as BTC rose from the $ 6.400 level at the beginning of April to almost $ 9.700 by the end of the month, which coincides with the period when it was they coined new Tether units. But on the other hand, the recent price spike could be an effect of the upcoming Bitcoin halving event that is expected to occur in less than ten days from now when the network hits the 630.000 block.
Tether USDT remains the largest stablecoin in the increasingly competitive stablecoin market. Data from CoinMarketCap also reveals that the token has the highest daily trading volume in all cryptocurrency markets with $ 52.679.441,866 traded in the last 24 hours, beating Bitcoin's daily volume by $ 10,8 billion.
