Tether continued to mint more money. 20 million USDT has just been added at the Tether Treasury. The Tether Treasury increased the issuance of USDT at the end of 2019. Therefore, we are about to have another 20,000,000 USDT circulating in the market.
20,000,000 USDT will be entering the market shortly
Earlier today, the market was almost vibrant as Tether continued minting more USDT. Over the past week, there has been a significant growth in USDT issuance. On December 28, the Tether Treasury issued an additional 20 million USDT.
? ? 20,000,000 #USDT (19,945,873 USD) minted at Tether Treasury
— Whale Alert (@whale_alert) December 27, 2019
Just a week ago, on December 20, Tether minted 30 million USDT.
? ? ? ? 30,000,000 #USDT (30,093,298 USD) minted at Tether Treasury
— Whale Alert (@whale_alert) December 20, 2019
Although Tether repeatedly refutes allegations of market manipulation. However, the coincidence is that every time Tether mints USDT more, Bitcoin’s price will increase. 70% of Bitcoin’s rallies have been linked to USDT since this stablecoin entered the market. So the correlation is quite strong.
At the time of writing, Bitcoin was relatively stable at around $7,300. Over the past week, BTC has managed to stay above $7,000.
Will Tether Treasury continue minting USDT?
While new USDT issuances are often met with optimism about future market movements, some expressed skepticism over how long this could take. USDT has long been criticized for not being forthright about the amount of its USD reserves returning to stablecoin issuances. Previously, the co-founder of Tether had said that it doesn’t matter what if USDT is backed by several dollars.
Although Tether’s circulating supply remains relatively stable in the second half of 2019, it has issued an additional 50 million USDT in the past week alone. There is some evidence that stablecoins are feeling pressure from competitors, but it is still the most traded cryptocurrency across the market. Since this summer, Tether (USDT) has seen higher transaction volumes than Bitcoin.
Based on last week, it seems that the USDT issuance rate will not slow down much by 2020. Will this catch up with the Tether Treasury one day, and whether they will be appropriately audited, still be seen.
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