The Tether Treasury has minted almost half a billion new USDT and distributed more than 185 million USDT to exchanges
There are quite a few opinions that PayPal was the cause of Bitcoin’s strong rise yesterday, and in this morning session. At press time, Bitcoin price is trading around $ 12,778, up almost 5% over the past 24 hours but down slightly from the highs above $ 12,800 a few hours ago. However, perhaps one of the reasons not coming from PayPal but also from the fact that the Tether Treasury minted nearly half a billion new USDT tokens and distributed more than 185 million tokens to exchanges and addresses in the last 36 hours.
While Tether continues to minted USDT, Bitcoin price increases, is there any correlation?
According to Whale Alert, Tether minted 150 million USDT and 300 million USDT on October 20 and October 21. However, the first 150 million USDT was probably irrelevant because it was printed just hours before Paypal’s announcement.
Continued to the allegations of market manipulation, Tether Paolo Adoino’s CTO acknowledged both transactions as only inventory replenishes on the Tron Network.
However, this manipulation is still valid because 150 million USDT was sent to the exchanges after that. In it, 15 transactions with a total value of $ 185.9 million were found to have been sent to exchanges Bitfinex and Huobi, as well as to some unknown addresses. Nearly 70% (126.9 million USDT) of tokens deposited from the Treasury will eventually go to Binance. Tether wallet currently holds just over 280 million USDT. The last transaction happened an hour after the 300 million USDT transactions were minted.
As AZCoin News reported, Tether has continued to mint about $ 1 billion and poured into the market from last month until now. Because of this event, the USDT market cap has now surpassed $ 16 billion.
However, the print speed has increased rapidly and somewhat significantly, as shown in the striking image, showing the free market many years ahead to offer a central bank digital currency when the central bankers still talk more than act.
- Tether Had Blacklisted 100 Ethereum Addresses Holding The USDT Stablecoin
- Tether Added To The Market Some $1 Billion Worth Of USDT Since Last Month, With Its Market Cap Now Surpassing $16 Billion