The Latest USDT printing that occurred yesterday ended up creating $300 million worth of coins which led the total coins created number to 540 million in the past three days alone so let’s find out more in the Tether cryptocurrency news.
Tether LTD printed a total of 300 million and this latest printing will see the top stablecoin market cap passing the $10 billion level. The latest USDT printing caught the attention of Paolo Ardoino, the CTO at Bitfinex explaining the latest printing is to only replenish inventory on the TRON Network:
“Note this is an authorized but not issued transaction, meaning that this amount will be used as inventory for next period issuance requests.”
Ardoino’s response came right after the alert got ridiculed by some of the Twitter community while others sarcastically urged him to g on. One user even asked:
“Paolo is this the biggest tether mint in all Tether history?”
Another user Crypto Favs, compared Tether LTD with the US Federal Reserve which also started printing money like crazy. With these actions, people are starting to worry about fueling inflation. Crypto Favs said:
“So Tether became FED printing money. They go Bbbbrrrrrrrrrr.”
In the meantime, the latest USDT printing could not stop the stablecoin from relinquishing the recent position as the third biggest asset by market capitalization. Ripple’s XRP for example, traded at $0.21 a few days ago, gaining 3 cents to reach a peak of $0.24 on Wednesday according to markets.Bitcoin.com. XRP’s market cap is ahead of that of USDT but Konstantin Anissimov, the executive director at CEX.io offers a few reasons why that is as per the tether crypto news:
“Since then, this resistance level had been rejecting the cross-border remittances token from achieving its upside potential. Historical data reveals that each time this cryptocurrency has been able to break above this moving average its price tends surge significantly.”
Also, as per the Tether cryptocurrency news, Tether inflows to crypto exchanges have reached its higher level this year according to the latest data provided by Glassnode. This came after the BTC price jumped to its new high for 2020 to $10,956 finally surpassing the $10,500 resistance. Tether’s BTC Supply surged above the $10 billion levels after it exploded thanks to the liquidity flight triggered by the Mid-march crash.
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