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Treasury continues to issue more and more USDT. Today it has printed another 60M USDT, which will be entering the market shortly.
Another day, another batch of USDT issued. Tether Treasury has seldom gone a day without printing more USDT in the past two months, and today is no exception.
Whale Alert (@whale_alert) is reporting that another 60M USDT was issued today. The tweet caught a significant amount of buzz in the cryptocurrency space.
The response to the fresh batch of USDT was largely negative. Many compared Tether Treasury’s printing to the Fed with the infamous meme, “money printer go BRRR.”
With each fresh Tether print, the critics have gotten louder and louder. Months ago, each new mint was met with bullish expectations—each mint is now met with mockery and calls for an investigation.
According to Tether’s own transparency report, the total amount of assets has now reached close to $7.6 billion. For comparison, Tether topped $7 billion just 10 days ago. The expansion of USDT has been happening at an unprecedented rate. On April 21, BeInCrypto reported $1 billion had been issued then in just the prior 25 days.
The common justification for Tether’s USDT printing is that demand for USD-backed stablecoins is at an all-time high. However, only Tether seems to be issuing coins at a record rate. There have been many explanations floating around for the flood of stablecoins we have seen in the past two months.
Tether today simply may be ‘too big to fail,’ and this allows it to eschew any criticisms. Unlike before,has also been slow to react to Tether’s USDT issuance; in the past, it would rise upon the news. The correlation between USDT and BTC is, therefore, weaker today. However, Bitcoin has seen a drastic rise today and is currently trading past $8,300.
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