2024

Bitcoin

Billion

Tether minted $1 billion of USDT in one day, bringing its annual total to around $31 billion and setting a record market cap of $110 billion for UST. This surge underscores Tether’s expanding influence. The recent minting activities have sparked speculation about their potential impact on Bitcoin prices. 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
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 <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 Tether Treasury minted 1B <a href="https://twitter.com/search?q=%24USDT&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">$USDT</a> again 13 hours ago.<a href="https://twitter.com/hashtag/TetherTreasury?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">#TetherTreasury</a> has minted a total of 31B <a href="https://twitter.com/search?q=%24USDT&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">$USDT</a> on <a href="https://twitter.com/hashtag/TRON?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">#TRON</a> and <a href="https://twitter.com/hashtag/Ethereum?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">#Ethereum</a> in the past year. These minted <a href="https://twitter.com/search?q=%24USDT&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">$USDT</a> drove the price of <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">$BTC</a> from $27K to $73K.<a href="https://t.co/2wFo2DEvz3" target="_blank">https://t.co/2wFo2DEvz3</a> <a href="https://t.co/IxEpBN36C0" target="_blank">pic.twitter.com/IxEpBN36C0</a>— Lookonchain (@lookonchain) <a href="https://twitter.com/lookonchain/status/1791350139451478418?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">May 17, 2024</a>
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Tether’s history of minting has often been connected with large Bitcoin price movements. Bitcoin trades at $66,727.68, an increase of&nbsp; 2.65% in 24 hours. Therefore, the company’s addition of 8,888 BTC, valued at $618 million, further solidifies its dominant position in the crypto world.&nbsp; 
Some market observers believe that repurchases of unbacked Tether can build up and may be a factor in driving Bitcoin’s price to new record heights as part of Tether’s profitability strategy to invest 15% of the profitability into Bitcoin. 
Likewise, Tether, Oobit, and TON Blockchain have <a href="https://www.cryptotimes.io/2024/05/17/tether-partners-with-oobit-and-ton-for-crypto-payments/" target="_blank" rel="noreferrer noopener">announced</a> a project to improve crypto payment solutions. This partnership aims to enhance Tether’s uses and encourage crypto adoption by facilitating faster transactions and seamless settlements for any user. 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 Also Read:<a href="https://www.cryptotimes.io/2024/05/17/kraken-actively-reviewing-tether-amid-new-eu-crypto-rules/" target="_blank" rel="noreferrer noopener"> Kraken Actively Reviewing Tether Amid New EU Crypto Rules</a> 
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Tether’s $1 Billion USDT Minting Fuels Bitcoin Surge

The Crypto Times

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