More USDT Minted by Tether Treasury. Will It Surpass XRP?

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Mon, 04/27/2020 - 19:19
Alex Dovbnya
Tether issues 120 mln USDT to meet the overwhelming demand for stablecoins
More USDT Minted by Tether Treasury. Will It Surpass XRP?
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Stablecoin issuer Tether has minted 120 mln more USDT tokens for replenishing its inventory, according to the company’s CTO Paolo Ardoino.  

The circulating supply of the top stablecoin has already reached nearly $7.5 bln as more traders and investors flock to stablecoins. That means that it’s getting closer to trumping XRP whose market capitalization currently stands $8.6 bln, according to CoinMarketCap data. 

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USDT has already increased its market share by more than 120 percent in 2020. As reported by U.Today, more tokens are being issued due to the growing demand for fiat-pegged cryptocurrencies caused by the coronavirus turmoil.

While many critics believe that Tether is trying to prop up Bitcoin with its issuances, recent research concluded that stablecoins are not able to inflate cryptocurrency prices.

At press time, the BTC price is sitting at $7,720 during a relatively calm day.

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.