Tether Treasury has minted yet another 60,000,000 USDT for the second day in a row. The fresh USDT is apparently to be used for ‘inventory replenishment.’
The Tether Treasury seems to be on a roll in printing more and more USDT. In just two days, the world’s largest stablecoin has issued a total of $120,000,000 worth amid the global market panic.
Tether Keeps Printing
Whale Alert (@whale_alert) is reporting that the newly issued Tether Treasury funds will be entering the market shortly.
According to Bitfinex CTO Paolo Ardoino, the fresh USDT is for an ‘inventory replenish.’ It’s currently unclear whether this is a major individual or institution that is requesting more USDT to be issued.
60,000,000 #USDT (59,985,424 USD) minted at Tether Treasury
— Whale Alert (@whale_alert) March 19, 2020
Let’s keep in mind that BeInCrypto reported on another 60M USDT minted just yesterday. Again, Ardoino said it was for an “inventory replenish.” It makes us wonder — is this going to become a recurring thing as global markets continue their downward spiral?
Reactions to the fresh USDT minting were mixed. Replies seemed split on whether or not this would cause Bitcoin to rise further or whether it was an indication that the latest short-term rally was running out of steam.
Global Markets on Edge
Bitcoin (BTC) seems to be bucking the trend as global markets continue to be embroiled in crisis. At the time of writing, Bitcoin is trading for $5,845, up some 12.7% on the daily. It seems to be recovering from its historic drop last Thursday when it fell -40% in a single day along with the rest of the cryptocurrency market.
The situation is remarkable since Bitcoin has effectively decoupled from the stock market in the past few days. In comparison, the S&P 500 — often thought to correlate with Bitcoin — is down nearly 1% at the time of writing with strong bearish pressures.
It remains to be seen whether Bitcoin can continue this positive momentum. It has been too short of a time-frame to draw any conclusions, but it seems promising. We should also keep in mind that Bitcoin’s halving is only about 50 or so days away, which will make the leading cryptocurrency even scarcer and, potentially, more valuable.