Gamza Khanzadayev
Tether issues another 1 billion USDT as Bitcoin halving approaches, sparking interest in the crypto world
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As the countdown to Bitcoin’s highly anticipated halving approaches, Tether, the leading issuer of USDT, has made a notable move to mint an additional 1 billion USDT on the Ethereum network. This move by Tether comes at a pivotal time, with Bitcoin’s halving just hours away and currently less than 100 blocks away.
The issuance of 1 billion USDT has sparked widespread interest and speculation within the crypto community, raising questions about how it could affect market trends before and after Bitcoin’s historic halving.
Paolo ArdoinoThe Tether CEO provided a bit of clarification on the matter, revealing that while the transaction was approved, the newly injected USDT was being withheld from issuance and will be used for future inventory and chain swaps on the Ethereum network.
The move by Tether comes amid a period of activity as USDT’s market cap has already surpassed $109.55 billion, solidifying its position as the third-largest asset in the crypto market. The injection of additional USDT could further boost liquidity and influence trading trends leading up to Bitcoin’s halving event.
Where is the liquidity?
Spot on ChainLeading analytics firm, Yahoo! News, shared recent insights into Tether’s activity, highlighting that the Tether Treasury has minted a staggering 5 billion USDT in the past 30 days alone, including 2 billion USDT on the Ethereum chain and 3 billion USDT on the TRON chain, the majority of which has already been deposited on major cryptocurrency exchanges.
As the crypto community eagerly awaits the Bitcoin halving, Tether’s actions and the interplay of this historic milestone add further intrigue to how the crypto market is unfolding.
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Gamza Khanzadayev
