Tether (USDT), the largest and most popular stablecoin in the market has printed $120 million in USDT coins in order to face the increasing demand from users. This represents an increase of over 43% since the beginning of March 2020. At the same time, Bitcoin (BTC) continues to be traded downwards and it is getting closer to $6,600.
Tether Prints 120 Million USDT
Whale alert informed the entire crypto community on April 14 that the Tether Treasury has minted 120 million USDT coins. This increased USDT market capitalization to $6.37 billion in the last hours. In this way, Tether gets closer to the third position in the cryptocurrency market.
XRP has currently a market valuation of $7.9 billion. If the downward trend continues in the crypto market and the Tether Treasury continues printing USDT, it is highly possible we could see USDT surpassing XRP’s market cap.
In the last 24 hours, Bitcoin has lost 4% of its value. All the top 10 digital currencies followed this negative path. Ethereum (ETH) lost 4.37%, XRP 4.83%, Bitcoin Cash (BCH) 5.17%, Bitcoin SV (BSV) 6.36% and Litecoin 5.84%. Binance Coin (BNB), EOS and Tezos (XTZ) have also lost part of their value.
Tether has been several times involved in many controversies. Indeed, it was accused of manipulating Bitcoin prices during bear markets. However, these attacks to Tether have been highly criticized. Tether indeed remained the largest stablecoin in the market despite the expansion of other solutions such as DAI or USD Coin (USDC).
Nowadays, every single time that Tether prints USDT the community comments about how this becomes possible. In addition to it, Tether must yet face different legal issues. For example, the New York Attorney General is investigating Tether on how it borrowed $850 million in USDT to cover losses related to Crypto Capital.
Meanwhile, Bitcoin continues to be the leader in the market and a new halving event is approaching. Next month, Bitcoin will reduce its rewards for miners from 12.5 BTC to 6.25 BTC. This could have a positive impact on the price of the virtual currency in the long term considering that the new issuance of coins will fall by 50%. If demand for the virtual currency surges, we may see Bitcoin growing once again.