Stablecoin Issuer Tether One billion dollars was minted USDT The tokens are a great way to show off your appreciation for the Ethereum blockchain, capitalizing on a market upswing driven by hopes that the US Securities and Exchange Commission (SEC) might approve a spot ETH ETF for trading this week.
Whale Alert First reported the minting, which was later confirmed by Tether CEO Paolo Ardoino, who wrote:
“PSA: 1B USDt inventory replenish on Ethereum Network. Note this is an authorized but not issued transaction, meaning that this amount will be used as inventory for next period issuance requests and chain swaps.”
Stock replenishment
Market analysts suggested that Tether’s new minting is a strategic move ahead of a potential market rally triggered by an ETH ETF approval. Ivan Sherbakov CEO of Cryptorobotics said The minting “will be used as liquidity to pump the market ahead of ETF news.”
Data from the analysis shows that a correlation Between the increased supply of USDT, and an overall upward trend in the cryptocurrency market. This will result in higher volumes as well as a dynamic environment for the digital asset.
Usually, Tether’s inventory replenishment involves creating new USDT tokens in anticipation of heightened customer demand. These tokens, held in Tether’s treasury, are classified as “authorized but not issued,” meaning they are not yet in circulation or included in USDT’s current total market cap.
According to Tether’s Transparency pageAs of May 21, there was $87.8 Million worth of USDT in Ethereum. Over the past year, Tether’s market cap has grown significantlAccording to CryptoSlate’s data.
The growth of Bitcoin can be attributed in part to the launch of Bitcoin spot ETFs by the US. Similarly, the performance of Tether has varied. degrees of success In its other endeavorsFor example, it has expanded its business beyond USDT and its stablecoin to other sectors. Bitcoin mining.
This post is about Tether mints $1 billion USDT on Ethereum amid ETF anticipation The first time that appeared on CryptoSlate.
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Source: cryptoslate.com