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Tether stablecoin issuer has added 3 billion USDT to its circulating supply in just one week. The addition of new tokens has raised concerns among traders and analysts about its effect on the cryptocurrency market.
<h2 id="tether-mints-3b-usdt-in-one-week">Tether Mints 3B USDT in One Week</h2>
Blockchain analysis firm Lookonchain highlighted a major transaction related to Tether in its latest report. In the past week alone, the crypto company has issued 3 billion USDT for circulation. This action was mainly executed through the various leading exchanges, with a large part executed by Cumberland, a leading crypto trading firm.
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 Tether(<a href="https://twitter.com/Tether_to?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@Tether_to</a>) minted 3B <a href="https://twitter.com/search?q=%24USDT&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$USDT</a> in just 1 week!
 Where did these <a href="https://twitter.com/search?q=%24USDT&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$USDT</a> flow to?
 On-chain data shows that 3.22B <a href="https://twitter.com/search?q=%24USDT&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$USDT</a> has flowed from <a href="https://twitter.com/hashtag/TetherTreasury?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#TetherTreasury</a> to exchanges since Aug 5.
 Of these, 1.75B <a href="https://twitter.com/search?q=%24USDT&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$USDT</a> flowed into <a href="https://twitter.com/hashtag/Kraken?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Kraken</a>, <a href="https://twitter.com/hashtag/OKX?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#OKX</a>, <a href="https://twitter.com/hashtag/Coinbase?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Coinbase</a>, <a href="https://twitter.com/hashtag/Binance?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Binance</a>, and <a href="https://t.co/pkH43dUMEz" rel="noopener noreferrer nofollow">https://t.co/pkH43dUMEz</a>… <a href="https://t.co/QZurcSxfxg" rel="noopener noreferrer nofollow">pic.twitter.com/QZurcSxfxg</a>
 — Lookonchain (@lookonchain) <a href="https://twitter.com/lookonchain/status/1826079364297142457?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">August 21, 2024</a>
</blockquote>
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In particular, 1.75 billion USDT was transferred to various exchanges, including Kraken, OKX, Coinbase, Binance, and Bullish.com. Moreover, the stablecoin entity sent another 1.29 billion to Kraken via a defined deposit address labeled ‘TQef1’.
The remainder of the minted coins found their way to specific wallets, including a notable deposit address, indicating strategic placements that suggest preparations for future market movements.
<h2 id="strong-market-response-and-speculation-strong">Market Response and Speculation</h2>
The USDT minting occurs during a period when past trends indicate that an increase in Tether’s <a href="https://coingape.com/glossary/stable-coins/" target="_blank" rel="noopener noreferrer nofollow">stablecoin</a> supply is often associated with rising cryptocurrency prices. Crypto analyst Ali Martinez said it resembled a central bank for the crypto space, with such moves frequently taking place before substantial market volatility.
More so, Social media, especially X (formerly Twitter), has been buzzing with the <a rel="noopener noreferrer nofollow" href="https://x.com/Crypto_Protech/status/1826063897759199323" target="_blank">cryptocurrency community speculating</a> about a potential bull run. Market analysts and traders are keen to monitor how these developments will impact trading strategies and the prices of cryptocurrencies across different platforms.
<h2 id="stablecoin-launch-plans">Stablecoin Launch Plans</h2>
In addition, the USDT issuer announced plans to launch a new <a href="https://coingape.com/tether-plans-dirham-pegged-stablecoin-launch-for-uae-expansion/" target="_blank" rel="noopener noreferrer nofollow">stablecoin pegged to the UAE’s dirham</a>. This move aims to tap into the growing demand for alternatives to traditional currencies like the USD, leveraging the UAE’s economic stability and its rising profile as a global crypto hub.
The initiative also aligns with the broader strategy to diversify its offerings and enhance the usability of its tokens in various economic landscapes. By introducing a dirham-pegged stablecoin, the company provides traders and investors with more options for trading in the fluctuating crypto market.
Additionally, the <a href="https://coingape.com/tether-to-launch-usdt-on-aptos-apt-price-soars/" target="_blank" rel="noopener noreferrer nofollow">stablecoin issuer recently expanded</a> its technological footprint by launching USDT on the Aptos network. This integration will capitalize on the network’s advanced blockchain infrastructure and scalability. 
The post <a href="https://coingape.com/usdt-issuer-tether-mints-3b-usdt-in-one-week-crypto-rally-ahead/" rel="noopener noreferrer nofollow">USDT Issuer Tether Mints 3B USDT in One Week, Crypto Rally Ahead?</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

USDT Issuer Tether Mints 3B USDT in One Week, Crypto Rally Ahead?

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