Stablecoin issuer Tether has minted 120 mln more USDT tokens for replenishing its inventory, according to the company’s CTO Paolo Ardoino.
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? ? ? ? ? ? ? ? ? ? 120,000,000 #USDT (121,137,048 USD) minted at Tether Treasury
— Whale Alert (@whale_alert) April 27, 2020
Tx: https://t.co/QKaVgfJyNG
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.
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Arman Shirinyan
Dan Burgin
Alex Dovbnya
Denys Serhiichuk