Tether Prints Another $100M in USDT: Weekend Action Ahead For Bitcoin?
Tether, the company behind the world’s most popular stablecoin, has printed yet another $100M worth of USDT. All of the tokens were minted on Ethereum’s blockchain and have already been sent to Tether’s treasury address. The move comes right before the weekend, when most trading traditionally takes place.
$100M in USDT Printed
Popular and rather controversial stablecoin issuer Tether has printed yet another batch of USDT. This time, the company issued a total of $100M USDT, all of which is based on the Ethereum blockchain. The transaction can be seen here.
According to Tether’s Transparency page, the overall amount of USDT in circulation on the Ethereum network is $1.1 billion, $37 million of which is authorized but not issued. In other words, Tether has printed around 10% of its entire amount on the Ethereum blockchain.
There have been plenty of moves of the kind recently. At the beginning of June, CryptoPotato reported that the company had printed $150 million worth of USDT.
What Does This Mean For Price Action?
The question that everyone is looking for an answer to is whether this move by Tether will play any part in the price action over the next few days.
Although that is anyone’s guess, there has been plenty of speculation on the matter, mainly due to the company’s scandalous and controversial past. There were allegations that Tether had manipulated the market back in 2017 when Bitcoin shot up to $20,000.
It seems that similar worries are resurfacing again, and there are those who believe that it’s Tether that’s fueling the rally in 2019.
Of course, there’s always another side of the story. The CEO of Kraken, Jesse Powell, thinks that actual demand is behind the latest bull run, rather than Tether’s printing of USDT:
I don’t have inside knowledge of what’s happening at Tether, but I can tell you that, historically, when you’ve seen growth in the supply of Tether, we’ve seen growth in the supply of U.S. dollars coming onto Kraken. And other exchanges would report the same.
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