Tether is not slowing down in its USDT printing spree. The amount of tokens the stablecoin issuer has minted within the last week now equals what it printed in the first half of April.
Tether Prints 480 Million USDT In 5 Days
Records from Whale Alert suggest that the Tether Treasury has printed five batches of fresh tokens in the last five days, totaling 480 million USDT ($480.4 million), which was the same amount with what was minted within the first 14 days of the previous month.
In a previous report, Tether created a whopping 1.58 billion USDT (appr. $1.586 billion) in April alone, making it one of the busiest months for the company’s Treasury in terms of minting new tokens.
The company printed 220 million USDT ($220.4 million) on Thursday alone, and 100 million USDT ($99.8 million) more today. If the stablecoin’s printer continues producing more tokens at this rate, then we will likely see almost twice as much as the figure in April.
At the time of writing, the USDT market cap, according to data on Coingeko, stands at $8,362,570,578, while the total assets worth of USDT is $8,464,327,917 per Tether’s transparency page.
Study: USDT Printing Does Not Affect Crypto Prices
Stablecoins are generally pegged to the value of fiat currencies or assets, just as the USDT is collateralized 1:1 with the US dollar.
There are several controversies that the continuous minting of USDT is affecting the crypto prices, but Tether claims the printing is in line with the increasing demand for the token.
Although a recent study claims the influx of freshly minted stablecoins does not inflate the prices of cryptocurrencies like Bitcoin, several historical patterns suggest otherwise. The massive production of new the USDT stablecoin is seemingly a bullish sign for Bitcoin in the short term.
For instance, Bitcoin’s full recovery from the March crash last month coincided with the one-billion-plus USDT tokens printing spree in April. Similarly, Bitcoin’s recent move to the $10,000 region this week also happened in the same period the batches of 480 million USDT were minted.
The post Tether Continues Printing Spree: Mints 480 Million USDT In First Week Of May appeared first on CryptoPotato.