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Minting Again: Additional $540 Million USDT Minted During BTC Rally

Stefan by Stefan
29/07/2020
in Tether News
Reading Time: 2 mins read
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Tether’s Balance Sheet Is In Bad Shape – Small Drop Could Cause Insolvency
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Tether is minting again, introducing an additional $540 million coins today and over a half a billion in the past three days while Bitcoin is in a rally as we are reading further in the latest Tether news.

The Tether treasury is minting again as the Bitcoin price rallied above $11,000 and Whale Alert said that $300 million was created today on the TRON network after the two previous mints on the Etheruem network over the past three days worth of $120 million. Crypto exchange Bitfinex and the CTO Paolo Ardoino explained that the transactions will replenish the inventory and will prepare for more demand:

 “Note this is a (sic) authorized but not issued transaction, meaning that this amount will be used as inventory for next period issuance requests.”

💵 💵 💵 💵 💵 💵 💵 💵 💵 💵 300,000,000 #USDT (299,651,480 USD) minted at Tether Treasury

Tx: https://t.co/pjxik9rZ1T

— Whale Alert (@whale_alert) July 29, 2020

Tether is the most commonly used stablecoin with a $10 billion market cap. The value of the coin is pegged to the US dollar which enables it to avoid the price fluctuations that are typical of most cryptocurrencies. Bitcoin broke past the $11,000 marks over the past two days which only drove the market into a strong rally. As a result, the trading volumes doubled and BTC is being pumped back into the exchanges so it’s no wonder that the Tether demand is on the rise.

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💵 💵 💵 💵 💵 💵 💵 💵 💵 💵 300,000,000 #USDT (299,651,480 USD) minted at Tether Treasury

Tx: https://t.co/pjxik9rZ1T

— Whale Alert (@whale_alert) July 29, 2020

Also as recently reported in the tether cryptocurrency news, USDT hit a $10 billion market cap and the announcement was made by the company after seeing through the market price aggregator CoinGecko. USDT’s issuance has seen some increased growth this year doubling from the $5 billion in just a few months since March 2020. Tether inflows to crypto exchanges have reached its higher level this year according to the latest data provided by Glassnode.

tether inflows, USDT, btc, exchange

The Tether Gold stablecoin was valued at $1,902 putting the price of gold within reach of the commodity, setting an all-time high that was previously set in 2011. Gold increased by 22% from $1,150 to $1,902 since Tether’s XAUT, the gold-backed stablecoin allowed ownership of one troy ounce of gold that is held in a Swiss vault controlled by the company and was released on January 23. According to the Wall Street Journal, the commodity set a new record of $1,897 but still has yet to reach the intraday high of $1,921.

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DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at editor@dcforecasts.com

Tags: btc rallyminting againminting coinsprice rallytether mintedtether mintingtether mintstether's usdtusdtusdt minting
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Stefan

Stefan

Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.

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