Tether Treasury has minted yet another 60,000,000 USDT, which it said is for an “inventory replenish.”
Tether Treasury has continued its printing spree with another fresh 60,000,000 USDT set to enter markets shortly.
Tether Prints and Prints
The remarkable market volatility has been met with an equally remarkable printing spree by Tether Treasury and other stablecoins.
60,000,000 #USDT (60,348,158 USD) minted at Tether Treasury
— Whale Alert (@whale_alert) March 20, 2020
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.
— Laputa – 35k$ per #BTC (@Laputa35426131) March 20, 2020
Others compared it to central bank printing, something that the cryptocurrency industry often criticizes. It’s a twist of irony that cannot go unnoticed.
we cannot print more BTC but we can print a loot of Tether.. the same shit..
— P.T (@PTrybas) March 20, 2020
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.