Tether Treasury Mints USDT worth $60M in Just 2 Days

Tether Treasury Mints USDT worth $60M in Just Two Days

Tether Treasury has minted USDT worth $60 million for the third time in just two days. It had earlier printed USDT worth $180 million, injecting three different batches of USDT into the market at $60 million each.

Whale Alert (@whale alert) states that Tether Treasury has minted another USD 60,000,000. Over the last two days, the biggest stablecoin in the world has raised its minting to a higher level.

Bitcoin is breaking through the $6,000 level, driven by the Tether printings, as thought by some experts. However, the Bitcoin would lose impetus unless it can hold position at a new support level.

Tether was among the most notorious stablecoins as it has never been audited properly. Last year, BeInCrypto reported Tether Co-founder as saying that “it doesn’t really matter” if USDT is really backed by real dollars.

The close partnership between Bitfinex and Tether was also disclosed just last year, after being veiled for some time.  

Inventory replenishment

As was the case for the other two batches of 60 million USDT each, the latter was just for “inventory replenishment.”

Bitfinex CTO Paolo Ardoino said on his twitter account that the transaction has not yet been made available on the market. This indicates hat Tether Treasury has been merely replenishing its inventory.

In early February, Tether Treasury had announced completing the burning of 102 million USDT.

The issuance of USDT is very common in the crypto market. The USDT, the world’s ninth largest cryptocurrency, has been linked to Bitcoin (BTC), with an accuracy rate of 70%. 

However, the market’s reaction to this significant event is still unclear.

Whale Alert (@whale alert) has recorded the burn of 102 million USDT. Bitfinex CTO Paolo Ardoino also confirmed the event.

At the timing of writing, USDT declined 0.22 percent to $1.005. It ranks fifth with a market cap of $ $4.29 billion.

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Rabea Maguid 551 Articles
Rabea Maguid is a journalist completely obsessed with crypto industry. He holds B.A. from Al-Azhar University, and has a background in journalism and economics. Rabea Maguid likes to think about the future in a positive way, and sees blockchain as a potential driver of deep societal change.