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160 Million USDT Tokens Minted During Bitcoin’s Rise to $9K

With Bitcoin (BTC) ascending sharply within the final eight hours — over $9,100 at press time — U.S. dollar-backed stablecoin Tether (USDT) is on a minting spree. 

Whalebot Alerts has reported that Tether issued greater than 160 million new cash within the final 24 hours in simply two transactions. The primary $60 million were minted when Bitcoin was valued at simply over $8,000. A second transaction of $100 million USDT was issued simply earlier than BTC’s push previous $8,500. 

On the identical time, there was important USDT motion from whales between Binance and OKEx. In just below 12 hours, 91 million tokens have been transferred from unknown wallets to the 2 exchanges, with the majority — $85 million over two transactions — going to Binance. 

Solely 22 million USDT was transferred out of the Tether Treasury.

Stablecoin with out a lot stability

The Tether Treasury has been minting like mad since its creation, with practically $7.Eight billion in whole USD property. Although many suspected the agency’s seemingly flippant issuance of tokens — over one billion within the final month alone — might have been driving up different crypto costs, Cointelegraph has beforehand reported the sort of market manipulation is unlikely.

Nevertheless, USDT remains to be mired in controversy, with some arguing it shouldn’t be held for any size of time. The stigma could also be partially resulting from a 2019 court docket case through which it was found the token might be backed up solely 74% with fiat foreign money, quite than the close to 1:1 ratio the stablecoin namesake implies.

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