Tether Treasury Continues Its Printing Spree, Issues $240M in Under 3 Days

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In Brief
  • Tether has printed $240M in a span of fewer than three days.

  • USDT is being issued in batches of $60M and they were all for an "inventory replenish," apparently.

  • The printing spree has caused concerns that the Bitcoin market is being propped up by Tether's unaudited stablecoin.

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Tether Treasury has minted yet another 60,000,000 USDT, which it said is for an “inventory replenish.”

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Tether Treasury has continued its printing spree with another fresh 60,000,000 USDT set to enter markets shortly.

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Tether Prints and Prints

The remarkable market volatility has been met with an equally remarkable printing spree by Tether Treasury and other stablecoins.

As BeInCrypto previously reported, Tether Treasury has printed three  batches of $60M USDT in just the past two days. Today, it has continued with yet another $60M USDT set to enter markets shortly.

Once again, like the past three times, Bitfinex CTO Paolo Ardoino has said this is for an “inventory replenish.”

The new batch of USDT has been met with some skepticism. Replies to the news have been mixed, with some calling it an outright scam.

Others compared it to central bank printing, something that the cryptocurrency industry often criticizes. It’s a twist of irony that cannot go unnoticed.

https://twitter.com/twetchawk/status/1240998743782154241

Tether has had a controversial reputation in the cryptocurrency community at large despite being the largest stablecoin. BeInCrypto has previously reported that Tether’s co-founder has publicly said that it “doesn’t matter” if USDT is actually backed by dollars or not.

Bitcoin Stays Strong

It’s currently unclear how much of Bitcoin’s price is being propped up by Tether (USDT). However, Bitcoin has been surprisingly strong in the past few days.

Bitcoin is currently trading above the $6,400 price point and is up some 7.60% for the daily. This strong positive momentum has happened in spite of a volatile stock market, causing some analysts to effectively declare that Bitcoin has decoupled from traditional finance and found its ‘true market value.’ 

It should be noted that the printing spree by Tether and other stablecoins happened after a 50% drop last Thursday. So, it remains to be seen whether this bullish momentum will run out of steam. As of now, there are still concerning macroeconomic trends that could unravel cryptocurrency markets again.

Disclaimer

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Raised in the U.S, Lucian graduated with a BA in economic history. An accomplished freelance journalist, he specializes in writing about the cryptocurrency space and the digital '4th industrial revolution' we find ourselves in.

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