USDT Issuer Tether Mints 3B USDT in One Week, Crypto Rally Ahead?

Highlights
Tether stablecoin issuer has added 3 billion USDT to its circulating supply in just one week. The addition of new tokens has raised concerns among traders and analysts about its effect on the cryptocurrency market.
Tether Mints 3B USDT in One Week
Blockchain analysis firm Lookonchain highlighted a major transaction related to Tether in its latest report. In the past week alone, the crypto company has issued 3 billion USDT for circulation. This action was mainly executed through the various leading exchanges, with a large part executed by Cumberland, a leading crypto trading firm.
Tether(@Tether_to) minted 3B $USDT in just 1 week!
Where did these $USDT flow to?
On-chain data shows that 3.22B $USDT has flowed from #TetherTreasury to exchanges since Aug 5.
Of these, 1.75B $USDT flowed into #Kraken, #OKX, #Coinbase, #Binance, and https://t.co/pkH43dUMEz… pic.twitter.com/QZurcSxfxg
— Lookonchain (@lookonchain) August 21, 2024
In particular, 1.75 billion USDT was transferred to various exchanges, including Kraken, OKX, Coinbase, Binance, and Bullish.com. Moreover, the stablecoin entity sent another 1.29 billion to Kraken via a defined deposit address labeled ‘TQef1’.
The remainder of the minted coins found their way to specific wallets, including a notable deposit address, indicating strategic placements that suggest preparations for future market movements.
Market Response and Speculation
The USDT minting occurs during a period when past trends indicate that an increase in Tether’s stablecoin supply is often associated with rising cryptocurrency prices. Crypto analyst Ali Martinez said it resembled a central bank for the crypto space, with such moves frequently taking place before substantial market volatility.
More so, Social media, especially X (formerly Twitter), has been buzzing with the cryptocurrency community speculating about a potential bull run. Market analysts and traders are keen to monitor how these developments will impact trading strategies and the prices of cryptocurrencies across different platforms.
Stablecoin Launch Plans
In addition, the USDT issuer announced plans to launch a new stablecoin pegged to the UAE’s dirham. This move aims to tap into the growing demand for alternatives to traditional currencies like the USD, leveraging the UAE’s economic stability and its rising profile as a global crypto hub.
The initiative also aligns with the broader strategy to diversify its offerings and enhance the usability of its tokens in various economic landscapes. By introducing a dirham-pegged stablecoin, the company provides traders and investors with more options for trading in the fluctuating crypto market.
Additionally, the stablecoin issuer recently expanded its technological footprint by launching USDT on the Aptos network. This integration will capitalize on the network’s advanced blockchain infrastructure and scalability.
- CZ’s YZi Labs Commits $1 Billion Builder Fund As Binance Coin Surpasses XRP
- Expert Sees LTC Crashing to $50 Even As Litecoin ETF Approval Reaches Final Stage
- CleanCore’s Dogecoin Treasury Pays Off Big With $20M Gains as Holdings Near 1B DOGE
- Crypto Market Crash: $700M Liquidated in Bitcoin, ETH, XRP, SOL, DOGE, XPL
- GraniteShares 3x XRP ETF Can Trigger ‘Panic Buying XRP’ Says Expert
- ASTER vs HYPE Price Analysis – Which Perp DEX Token Looks Poised to Dominate Q4 Performance?
- Ethereum Price Could Soar to $6,500 as BlackRock’s ETF Nears $20B Milestone
- Cardano Price Consolidates Below Key Resistance Ahead of ETF Verdict — Is a 50% Rally in Sight?
- Solana Price Eyes 56% Rebound Amid Solana Company’s Massive $530M SOL Acquisition
- Ethereum’s Price Bullish Cycle Resumes as Grayscale Launches Spot Staking ETPs – Is $7,331 Next?
- Pi Network Price Risky Pattern Points to Crash as 14M Coins Leave OKX