Tether turns on printing press amid bitcoin rally

by in Cryptocurrency News


Bitcoin soared in price this week to its highest level since June 2019. On some trading platforms, the cryptocurrency exceeded $13,000.

The Tether team seized the moment and released another batch of stablecoins (USDT). The issue of tokens took place in two stages on October 20 and 21, as evidenced by the data of the Whale Alert service.

Developers have released stablecoins worth up to $ 150 million and $ 300 million. The first batch of USDT was released just a few hours before PayPal announced the addition of cryptocurrency support. After that, the ascent of bitcoin began, having updated the maximum.

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Almost 70% of minted USDT went to the Binance exchange. At the moment, the Tether wallet only stores coins worth just over $ 280 million, the rest of the funds were sent to unknown addresses.

According to experts, the inclusion of the printing press is aimed at maintaining the upward dynamics of the movement of BTC. Paolo Ardoino, the technical director of the developer company himself, has repeatedly stated this earlier.

Since the beginning of 2020, the capitalization of USDT has grown by more than 400% now it is close to $ 16 billion.