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Almost USDT 500 million was minted in the past 36 hours as the price of Bitcoin rose

October 22, 2020

Tether Treasury (USDT) minted nearly 500 million new USDT tokens and distributed more than 185 million tokens to exchanges and other addresses in the last 36 hours.

As shown by the blockchain tracker Whale alert, Two transactions with USD 150 million and USDT 300 million tokens were minted on October 20th and 21st.

The first 150 million were created a few hours before the PayPal announcement and the subsequent price rally for Bitcoin (BTC).

Almost USDT 500 million was minted in the past 36 hours as the price of Bitcoin rose
Almost USDT 500 million was minted in the past 36 hours as the price of Bitcoin rose

Although some made the usual allegations of market manipulation in response to Whale Alert tweets, the CTO of rope, Paolo Adoino, recognized both transactions as “inventory replenishment” that was not issued on the Tron (TRX) network.

Since yesterday’s issue of 150 million USDT, 15 transactions with a total volume of 185.9 million USDT were sent to exchanges, including Bitfinex and Huobias well as various “unknown addresses”.

Almost 70% (USDT 126.9 million) of the tokens sent by the Treasury Department went to Binance.

The tether wallet Treasury now it is just over 280 million USDT. The last transaction took place an hour after 300 million USDT executed.

The tether issue has often been linked to Bitcoin price rallies, although there is an ongoing “chicken and egg” debate when the problem leads to recovery or responds to demand.

In April of this year Tether minted $ 160 million USDT to $ 9,000 during the Bitcoin price rally. It came a week after research was published that argued that USDT was not used to manipulate the price of Bitcoin.

Tether’s market cap is up more than 400% so far this year up to $ 15.9 billion.