The Tether Treasury has minted $540 million of its own US dollar-backed stablecoin in the previous 3 times, as Bitcoin’s price rallied over $11,000.
Based on Whale Alert, $300 million has been created now about the Tron network, following two preceding mints of $120 million on Ethereum at the previous 3 days.
Crypto exchange Bitfinex and Tether CTO Paolo Ardoino clarified on Twitter the trades have been to replenish the stock, in prep for more need.
“Note this is a (sic) authorized but not issued transaction, meaning that this amount will be used as inventory for next period issuance requests,” he explained.
Tether is the most widely used stablecoin using a market cap of $10 billion. Its value is pegged to the US dollar, enabling it to avoid the price fluctuations typical of most cryptocurrencies.
As Decrypt reported, Bitcoin broke the $10,000 and $11,000 marks on July 26–27, driving the crypto market into a strong rally. As a result, trading volumes have doubled and Bitcoin is being pumped back into exchanges. It’s no wonder that demand for Tether is on the rise.
on https://decrypt. )co/37072/tether-mints-540-million-during-bitcoin-price-rally