Stablecoins "printers" are working at full capacity recently to meet market needs and boost liquidity. In particular, Tether (USDT) is a pioneer.
As noted by Whale Alert, this controversial stablecoin is preparing to inject another 60 million USDT into the cryptocurrency market.
,000,000 💵 💵 💵 💵 💵 60,000,000 #USDT ($ 59,982,680) minted at Tether Treasury
- Whale Alert (@whale_alert) March 18, 2020
According to CTO of Bitfinex Paolo Ardoino, these new USDTs are added to the reserve. This means that it will not be marketed immediately, but will likely be cast at the request of an organization or individual.
Doubts surrounding Tether printing extra money
Some have compared Tether's extra 60 million USDT mismatch as a bailout and the Fed's bluff money printing. Last September, the co-founder of Tether once said that printing more USDT would not be a problem if reinforced by a corresponding amount of USD.
Is Tether simply like the Fed but is printing money for the cryptocurrency sector? Some people have the same thoughts.
- CryptoTorch (@TorchCrypto) March 18, 2020
This stablecoin is believed to be still quite suspicious of its USD storage. Last year, it was involved in a lawsuit accusing Tether and Bitfinex of using USDT to cover up to $ 800 million in debt. It is known that Tether and Bitfinex were previously involved, but both have denied being involved.
The activity of stablecoins is in an increasing trend
Not only has Tether (USDT) added new stablecoins, but other stablecoins have been particularly active over the past few days.
For example, Binance USD (BUSD) has issued a total of over 12 million BUSD in the past few days. In the past 1 month, many key stablecoins have continued to grow in capitalization, despite the market's decline. Tether alone (USDT) is said to have reached 3rd place in terms of total market capitalization, second only to Bitcoin and Ethereum.
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According to BeInCrypto