Reported today on Being Crypto For the full article visit:
Tether is expecting a new wave of demand. The largest stablecoinOne of the perceived drawbacks of cryptocurrency is the price volatility, value wildly spikes and falls, discouraging many people from... More minted another 60,000,000 USDT, which will be entering markets shortly.
Tether Treasury has just done an 'inventory replenish' to meet upcoming demand. The cash injection may further bolster bulls as the market continues its choppiness.
60M USDT Minted to Replenish Inventory
Whale Alert (@whale_alert) is reporting that another 60,000,000 USDT will be entering the market shortly. According to Bitfinex CTO Paolo Ardoino, the purpose of the newly-issued USDT is to meet future demand. It was be used as an "inventory for the next period issuance requests."
💵 💵 💵 💵 💵 💵 💵 60,000,000 #USDT (60,083,960 USD) minted at Tether Treasury
Tx:
- Whale Alert (@whale_alert) February 24, 2020
PSA: Inventory replenish.Note this is a authorized but not issued transaction, meaning that this amount will be used as inventory for next period issuance requests.Last one (made the 19th of Feb) lasted 5 days.
- Paolo Ardoino (@paoloardoino) February 24, 2020
The news comes just days after Teather Treasury minted another 60M USDT, as reported by BeInCrypto. Again, it was to meet forthcoming demand and was an 'inventory replenish.' It appears that in both instances, some major entity needed USDT. Details on who this may be are still unclear.
The last few weeks have been active for the world's largest stablecoin. As BeInCrypto reported last week, Tether recently ditched TRON and moved some 300M USDT to Ethereum's blockchain. The leading smart contract platform now holds over half of Tether's entire $4.6B market capitalization. [Ethplorer.com]
The timing is cur
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