On April 14th, a new USDT 120 million was issued in Tether's treasury, according to Whale Alert. The move appears to be in addition to the Tether store.
💵 💵 💵 💵 💵 💵 💵 💵 💵 💵 120,000,000 #USDT (119,950,661 USD) minted at Tether Treasury
- Whale Alert (@whale_alert) April 14, 2020
But it looks like this extravagant printing has worked for this rather sluggish market. Bitcoin this morning surged 0.25% in 24 hours and is being traded at $ 6,869.
Tether repeatedly minted more money this year
Molding more money in large quantities is not uncommon for Tether. In late March, the Tether treasury also minted 120 million USDT. Earlier, this unit has also minted 180 million USDT in a row.
The continuous minting has helped to increase the total market capitalization of stablecoins. On March 12, Tether stated that the total market capitalization has reached more than 5 billion USD, reaching the 3rd position with the largest capitalized coins after Bitcoin and Ethereum.
Currently, according to messari, Tether is having a capitalization of over 6 billion, ranking 3rd in the market capitalization rankings. Meanwhile, on the chart of coinmarketcap, this stablecoin is still in fourth place with the largest market cap coins, right after Ripple's XRP.
The stablecoin market is still growing steadily
Despite the volatility of the market and the fluctuating Bitcoin price, stablecoins still show a steady growth. The stablecoin adding money is not uncommon. Along with Tether, USD Coin (USDC) is also a quite active stablecoin in minting new coins. 4 days ago, 10 million USDC was also minted, but according to the representative of this unit, this amount was minted according to customer requirements.
Today, Tether remains the largest stablecoin with a market cap of nearly $ 7 billion. Followed by USD Coin (USDC), PAX…. The growth of this market is also worth noting. On March 30, the top 8 stablecoins have a market capitalization of over $ 7.3 billion. But after only 2 weeks, today (April 15), the total capitalization of these 8 stablecoins has reached US $ 8,221 billion, up 11.5%, according to stablecoinstats.
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According to BeInCrypto