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Amid the growth of bitcoin, Tether issued USDT for another $540 million

Amid the growth of bitcoin, Tether issued USDT for another $540 million

According to Whale Alert, over the past three days, Tether has issued USDT stablecoins totaling $540 million on the Tron and Ethereum blockchains.

According to the analytical service Whale Alert, on July 29, $300 million worth of USDT was issued on the tron blockchain. In addition, on July 22 and 23, the service recorded two more operations for issuing usdt stablecoins on the Ethereum blockchain. Each of them was equivalent to $120 million. Technical Director of the Bitfinex exchange Paolo Ardoino (Paolo Ardoino) explained on Twitter that these transactions were made to replenish usdt reserves. Such actions are necessary in order to prepare in advance for future requests from investors.

“We are talking about authorized but not issued tokens. They will be set aside as spare resources to implement token issuance requests over the next period.” –
Paolo Ardoino commented on Twitter.

Recall that a few days ago, the bitcoin exchange rate on some exchanges jumped to $11,400, which contributed to a bullish rally of the entire cryptocurrency market. Therefore, it is not surprising that due to the increase in trading volumes, Tether decided to replenish its storage with additional tokens.

Today, tether is one of the top five stablecoin by market capitalization. According to CoinMarketCap, over the past day, the volume of trading with USDT was $33.4 billion, with bitcoin’s figure equal to $25.4 billion, and ether’s – $11.2 billion.

Earlier, the analytical company Messari reported that the capitalization of USDT exceeded $10 billion, and in 2020 it has more than doubled. According to a study conducted by Flipside Crypto, the USDT stablecoin is mainly used by arbitrage traders and centralized exchanges.