Tether Mints 120 Mln USDT on Ethereum, 40 Mln on Tron, Community Resumes Tether-to-Fed Comparison

Latest Cryptocurrency News
Sat, 08/08/2020 - 16:00
Yuri Molchan
Whale Alert has reported that Tether Ltd has emitted another gargantuan amount of USDT, the community starts trolling the company by hinting at the Fed’s printing press
Tether Mints 120 Mln USDT on Ethereum, 40 Mln on Tron, Community Resumes Tether-to-Fed Comparison
Cover image via stock.adobe.com
Contents

Whale Alert spreads the word that Tether Treasury has minted another mammoth-sized USDT lump – 120,000,000 coins.

In the comment thread, the community is mocking the easiness with which Tether can produce more of its stablecoin now, that regulators do not even bother to check any more whether Tether has enough USD to back all the coins it mints.

120,000,000 USDT created just like that

Tether’s CTO Paolo Ardoino commented that this was an inventory replenish on the Ethereum chain and this USDT stash will be used for future issuance requests.

USDT
Image via Twitter

In the comment thread, Twitter users began comparing Tether Ltd to the Fed Reserve that since March has injected more than 6 trl USD in the economy on the orders of President Trump with plans to continue the stimulus program.

Now that Bitcoin has risen above the $10,000 level and has been there for a while already, many believe that more USDT is necessary for trading, since USDT is the most popular asset to trade BTC, both for bulls and bears.

Related Ripple and Chris Larsen Wire 20 Mln XRP – Binance, Coinbase Pro Are Among Recipients
Related
Ripple and Chris Larsen Wire 20 Mln XRP – Binance, Coinbase Pro Are Among Recipients

Tether issues 40 mln USDT on Tron, sends USDT to Binance

Over the past twenty-four hours, Tether Treasury has transferred 34 mln USDT to the Binance exchange.

40 mln USDT has been created on the Tron chain via Poloniex exchange and 50 mln USDT was transferred to an anonymous wallet.

USDT
Image via Twitter

 

About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today, can be contacted at yuri.molchan@u.today.