In the last 2 days the company that controls the USDT stablecoin issued 450 million new tokens to the market due to the increasing demand for the token while the price of bitcoin and other cryptocurrencies is in continuous increase.
As shows by Whale Alert on twitter the two big transactions one of !50 million and the other of 300 million took place on 20 and 21 October.
💵 💵 💵 💵 💵 💵 💵 💵 💵 💵 150,000,000 #USDT (150,449,452 USD) minted at Tether Treasury
— Whale Alert (@whale_alert) October 20, 2020
💵 💵 💵 💵 💵 💵 💵 💵 💵 💵 300,000,000 #USDT (299,180,785 USD) minted at Tether Treasury
— Whale Alert (@whale_alert) October 21, 2020
While many responded to the whale alert tweets accusing for manipulation, the two transactions were confirmed by Tether CTO Paolo Adonio as unissued “inventory replenishes” on the Tron (TRX) Network:
Most of the newly minted token has been distributed to exchanges like Bitfinex, Houbi and Binance, and many other unknown addresses.
Tether issuing large amount of tokens have usually linked with bitcoin price surge and this thing always started the usual debate whether it was Tether that caused the bitcoin rally or the newly issued Tether was a response to the increased demand for USDT tokens. Probably we will never know!
The market cap of the top stablecoin has grown by 400% this year reaching $15.9 million.