Tether Mint Another 1 Billion Dollars In USDT

The latest injection sees its market cap grow by another 1 Billion USD.

The marketcap of Tether has been increasing dramatically this year going from $4 Billion USD in Janruary to $34 Billion USD currently – all in the space of just two months.

Tether (USDT) Marketcap – Source

This news also follows some related news we covered, where a Bitcoin Whale Moves AU$1 Billion of BTC into Storage.

Following the Mint

Some suspicions are that the newly minted USDT is going tom FTX – an offshore crypto derivatives exchange.

Thanks to @LongPastLost we now know where the biggest Tether transactions from the mint are going.
It’s FTX!
Guess why?
It’s really convenient for them to have both BTC/USDT and BTC/USD pair on the same OFFSHORE exchange, isn’t it?
🤫🤫🤫 pic.twitter.com/peMS8NZQaa
— Luca Land (@LucaLand97) February 13, 2021

Concerns

Some users are voicing their opinions on Twitter. Some suggestions that the new USDT will be used to buy the recent dip – although to our knowledge there has been no proof of this, yet.

Every Bitcoin micro dip will be bought by a tsunami of Tethers printed out of thin air until someone asks for real dollars.
— Trolly McTrollface (@Tr0llyTr0llFace) February 13, 2021

Other users are concerned that if the stock market gets tokenised, then the minted cryptos could be used to buy stocks.

I worry about the day the stock markets become tokenised, and this tether enters the arena. Uncontrolled price manipulation of real companies and commodities.
— CryptoMaje (@CryptoMaje) February 14, 2021

Disclaimer:
The content and views expressed in the articles are those of the original authors own and are not necessarily the views of Crypto News. We do actively check all our content for accuracy to help protect our readers. This article content and links to external third-parties is included for information and entertainment purposes. It is not financial advice. Please do your own research before participating.

Credit: Source link