when

April

Notable

TRON

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/tether-issues-significant-amount-of-usdt/" data-wpel-link="internal">Tether Issues Significant Amount of USDT</a> 
Significant developments continue to occur in the <a href="https://en.coin-turk.com/usdc-discontinues-support-on-tron-blockchain/" data-wpel-link="internal">cryptocurrency </a><a href="https://finance.coin-turk.com/" data-wpel-link="external" target="_blank" rel="nofollow noreferrer">market</a>. Accordingly, USDT issuer Tether minted a substantial amount of stablecoin through its treasury. Blockchain data reveals that the Tether Treasury minted 1 billion USDT on May 16 at 19:50. Considering Tether’s leading position in the market, many believe this large USDT issuance could impact crypto market movements. 
<h2 class="p1" style="text-align: justify" id="notable-move-by-tether">Notable Move by Tether</h2> 
Tether’s CEO Paolo Ardoino explained the context of this significant coin minting. He stated that 1 billion USDT was added to the inventory on the Tron Network, noting that this was an authorized but unregulated transaction: 
<blockquote> 
 “So this amount will be used as stock for future issuance requests and chain swaps.” 
</blockquote> 
The last time Tether minted USDT was on April 16, when the market was experiencing liquidity issues. According to a report by blockchain <a href="https://newslinker.co/" data-wpel-link="exclude">data analysis</a> platform Lookonchain, the Tether Treasury minted 31 billion USDT last year. These amounts were minted on the TRON and Ethereum blockchain networks. 
Interestingly, Tether minted this amount of USDT when Bitcoin’s price corrected to the $64,600 range. Since the end of 2022, each increase in USDT supply has generally had a positive impact on Bitcoin’s price development. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-352545 size-full" src="https://coin-turk.com/wp-content/uploads/2024/05/usdt.webp" alt="" width="1280" height="526"> 
<h2 class="p1" style="text-align: justify" id="what-s-happening-on-the-usdt-front">What’s Happening on the USDT Front?</h2> 
Data from CryptoQuant reveals a high correlation between USDT supply and Bitcoin <a href="https://finance.coin-turk.com/" data-wpel-link="external" target="_blank" rel="noopener nofollow noreferrer">price</a> movement; this leads to an increase in volume and a dynamic environment for Bitcoin’s price. Therefore, this situation has led to speculation among the crypto community that new funds could be used to boost Bitcoin’s price. Moreover, Lookonchain’s report stated that the USDT minted last year pushed Bitcoin above the $70,000 range, noting: 
<blockquote> 
 “This minted USDT raised Bitcoin’s price from $27,000 to $73,000.” 
</blockquote> 
Despite this speculation, Bitcoin’s price stabilized between $64,000 and $66,000 in the last 24 hours. Last week, Bitcoin was priced between $60,000 and $62,000 until the US inflation data was released. After the inflation data recorded in April showed a slowdown in inflation, Bitcoin’s price rose from $62,000 to $66,000. 
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/tether-issues-significant-amount-of-usdt/" data-wpel-link="internal">Tether Issues Significant Amount of USDT</a></h5>

Tether Issues Significant Amount of USDT

Table of Contents

COINTURK NEWS

Other articles published on May 17, 2024

Prom Announces AirDAO Integration into Its Ecosystem

BlockDAG Shocks Piccadilly Circus with Dazzling Display After Smashing $26.9M Presale, Threatens ...

Telegram CEO Pavel Durov Appears to Endorse Notcoin Following Launch on TON Blockchain

Ethereum Faces Critical Support Test

CoinGecko: Solana became fastest blockchain amid meme coin craze

Morgan Stanley’s Bitcoin ETF Position Exposed: Filing Discloses $270 Million In Holdings

Join our free newsletter for daily crypto updates!