As BeInCrypto has previously shown, the Tether Treasury continues to act just like the Fed. A report by Whale Alert (@whale_alert) earlier today revealed that Tether minted a hefty 200M in USDT and issued it on the TRON blockchain.
According to Tether’s self-reporting, there are now over $9.3 billion USDT in circulation. It’s unclear whether or not this includes the 200M just issued. However, Tether has a reputation for ‘slowly’ updating its transparency page. The issuance places Tether neck-and-neck with Ripple’s XRP to be the third-largest cryptocurrency by market capitalization.
For some perspective, BeInCrypto reported that Tether breached the $7 billion market cap level on April 19th. Now, a mere month and a half later, Tether has added over $2.3 billion to that figure. That’s around $50M or so issued in USDT every single day.
Critics continue to question Tether’s unprecedented printing, as shown by the negative replies to every major USDT Whale Alert. Additionally, there hasn’t been a comparable surge for other stablecoins despite media reporting that USD-backed stablecoins are experiencing unprecedented demand.
If Tether Treasury’s issuance continues at this rate, it will surely solidify its place as the third-largest cryptocurrency, and all the prestige that entails.