Tether Prints Another $100M USDT: Weekend Action Ahead For Bitcoin?
Tether, the company behind the most popular stable coin, has printed yet another $100M worth of USDT. All of them are minted on Ethereum’s blockchain and they have already been sent to Tether’s Treasury address. The move comes right before the weekend when traditionally most of the trading takes place.
$100M USDT Printed
Popular and rather controversial stable coin issuer Tether has printed yet another batch of USDT. This time, the company issued a total of $100M USDT, all of which are 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 printed $150 million worth of USDT.
What Does This Mean For Price?
Perhaps 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.
It sure is anyone’s guess to determine whether or not the recent USDT print will have any impact on the market at all.
However, there has been plenty of speculation on the matter. This is mainly because of the company’s scandalous and controversial past. There were allegations that Tether 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 exactly Tether that’s fueling the rally in 2019.
Of course, there’s always another side of the story. The CEO at Kraken, for instance, thinks that it’s actual demand that’s behind the latest bull run, rather than Tether printing 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. – He said.
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