Tether Treasury has just minted another 60M USDT for the third time in just two days. It is apparently for another ‘inventory refresh.’
Tether Treasury has been on a printing spree in the past two days, injecting some 180M USDT into the market in three separate batches of 60M USDT each.
Yet Another 60M USDT Minted
As Whale Alert (@whale_alert) reports, Tether Treasury has minted yet another 60,000,000 USDT. The world’s largest stablecoin has been upping its minting in the past two days to a remarkable level. As BeInCrypto reported previously, Tether minted 60M USDT yesterday and another 60M USDT earlier today.
With Bitcoin now breaking past the $6,000 price point, many are attributing the recent Tether printings as the main catalyst. However, this will eventually run out of the steam unless Bitcoin can stay stable at a new support level.
Tether has been among the most controversial stablecoins due to never being properly audited. Last year, BeInCrypto reported that Tether’s co-founder said on the record that it “doesn’t really matter” if USDT is actually backed by real dollars. The close relationship between Bitfinex and Tether was also only revealed last year, after being covered up for some time. BeInCrypto has reported that it was mentioned in the Paradise Papers last year.
As it was for the other two batches of 60M USDT, this latest one was also for an “inventory replenish.” As Bitfinex CTO Paolo Ardoino told followers, the transaction has not yet been issued into the market. That means that for three times now, Tether Treasury has claimed that it is simply replenishing their inventory. However, Tether (USDT) is seldom ever burned – what exactly is the stablecoin replenishing? As one user points out:
Inventory that never gets burned but always needs replenishing lmao.
— ⬡ Zdubz ⬡ (@zduuubz) March 19, 2020
At the time of writing, Bitcoin’s price continues to hold steady above the $6,000 price point despite panicked global markets. We will have to see if this growth is authentic or merely being propped up by the fresh USDT set to enter the market – we can expect some choppy markets in the coming days.