Friday, November 27, 2020
coincasso bitcoin exchange banner
Home News Altcoin News Mass minting of USDT during the BTC rally. Is the Tether still...

Mass minting of USDT during the BTC rally. Is the Tether still stable?

While Bitcoin crossed the $8,000 resistance threshold and started its rally to $9,000, the Tether minted over 160 million tokens.

Tether (USDT)

The Tether is one of the most popular Stablecoins and is linked to the US dollar (USD) rate. It is aimed at an exact value of 1 dollar. It was created to make it possible to earn on arbitrage between crypto exchanges, which would not be possible with free transfers in dollars. 

what is tether and why they created USD

The frenzy of minting USDT 

Whale Alert on Twitter reported that Tether issued more than 160 million new coins on 28 April in two transactions. The first of these 60 million USDT was when Bitcoin crossed the $8,000 threshold, which, as we wrote in yesterday’s article, was an important moment for investors in the bull market and opened the way for BTC to reach $8,500. And the second transaction worth $100 million came a moment later when Bitcoin exceeded $8500.

 

Unstable Stablecoin?

Since its creation, the Tether has been producing more and more USDT. From the very beginning, it has raised assets worth almost 8 billion dollars. There are many people in the crypto industry who believe that the Tether manipulates the market by minting coins en masse, which increases the price of other cryptocurrencies. Investors believe that, contrary to appearances, it should not stick to the USDT for a long time, even though it is stablecoin. The moment that made sure a large number of people, including sceptics, was a lawsuit in which it was discovered that the token is only secured with 74% cash, and not a 1:1 ratio as stablecoins should have.

Stablecoin Tether isnt so stable anymore
Tether’s Chief Technology Officer (CTO), Paolo Ardoino, says that the recent $160 million of USDT minted is “replenishment” and the new tokens are to meet upcoming demand. The issuance of new USDTs is highly correlated with Bitcoin jumps. So we probably can predict next minting of USDT in the near future.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Sidebar Widget
USD
EUR
PLN
RUB
bitcoinBitcoin (BTC)
$ 16,811.09
ethereumEthereum (ETH)
$ 506.08
tetherTether (USDT)
$ 1.00
rippleXRP (XRP)
$ 0.539624
bitcoin-cashBitcoin Cash (BCH)
$ 262.32
litecoinLitecoin (LTC)
$ 68.00
tronTRON (TRX)
$ 0.028664
moneroMonero (XMR)
$ 114.84
dashDash (DASH)
$ 90.91
eosEOS (EOS)
$ 2.85
dogecoinDogecoin (DOGE)
$ 0.003162
bitcoinBitcoin (BTC)
14.116,19
ethereumEthereum (ETH)
424,95
tetherTether (USDT)
0,839695
rippleXRP (XRP)
0,453120
bitcoin-cashBitcoin Cash (BCH)
220,27
litecoinLitecoin (LTC)
57,10
tronTRON (TRX)
0,024069
moneroMonero (XMR)
96,43
dashDash (DASH)
76,34
eosEOS (EOS)
2,39
dogecoinDogecoin (DOGE)
0,002655
bitcoinBitcoin (BTC)
63,013.68
ethereumEthereum (ETH)
1,896.96
tetherTether (USDT)
3.75
rippleXRP (XRP)
2.02
bitcoin-cashBitcoin Cash (BCH)
983.26
litecoinLitecoin (LTC)
254.89
tronTRON (TRX)
0.107442
moneroMonero (XMR)
430.46
dashDash (DASH)
340.76
eosEOS (EOS)
10.68
dogecoinDogecoin (DOGE)
0.011852
bitcoinBitcoin (BTC)
1,273,140.80
ethereumEthereum (ETH)
38,326.55
tetherTether (USDT)
75.73
rippleXRP (XRP)
40.87
bitcoin-cashBitcoin Cash (BCH)
19,866.07
litecoinLitecoin (LTC)
5,149.79
tronTRON (TRX)
2.17
moneroMonero (XMR)
8,697.09
dashDash (DASH)
6,884.81
eosEOS (EOS)
215.84
dogecoinDogecoin (DOGE)
0.239465
Sidebar Post
coincasso bitcoin exchange banner

Latest News

CBDC becoming more and more popular

More and more countries are planning and developing the emission of their own crypto. Lithuania announces the launch of its CBDC in July, while...

Bitcoin versus gold, what is a better investment?

Since the global COVID-19 pandemic, people have been looking for an alternative to keeping their savings in their domestic currencies. Some of them choose...

The Medical University of California forced to pay the ransom

Hackers hacked into Medical University computers and demanded a ransom for unlocking the data. After not very fruitful negotiations, the hackers received 116.4 BTC. A...

Blockchain e-voting system was attacked

Bitfury working for the Russian government was attacked at the weekend. Are innovative solutions safe? Problems in the Russian voting system  The Russian system of voting...

Crypto-powered online game tournaments are the future of this market

The Counter-Strike stars will soon be taking part in a cryptographic tournament, while fans will be able to bet on the score with VRA...