On the 15th of July, Whale Alert disclosed that stablecoin issuer Tether [USDT] minted $1 billion via its treasury. The development
Market participants ignored Tether’s explanation, fueling a surge in Bitcoin’s price to $65,254, up from $60,200 on the day of the minting.On the 15th of July, Whale Alert disclosed that stablecoin issuer Tether minted $1 billion via its treasury. The development sent shockwaves around the crypto community, with many saying that it is a sign of a bull market.The reception was not surprising especially as the previous minting of USDT increased buying power.
“PSA: 1B USDt inventory replenish on Tron Network. Note this is an authorized but not issued transaction, meaning that this amount will be used as inventory for next period issuance requests and chain swaps.” Unconcerned about the clarification, market participants’ comments showed that they were still bullish. Interestingly, the sentiment in the market seems to have spread to prices.price was around $60,200. But at press time, things have changed for better as the coin was trading at $65,254 at press time.that it has been rising since the 9th of July. At that time, USDT’s market cap was $112.20 billion. But at press time, the value had increased to $112.92 billion as of this writing.
This was also evident from Justin Sun’s post on the 16th of July. According to Sun, who is the founder of the“The issuance of TRON USDT has exceeded $60 billion, which is a significant milestone. We have also become the first blockchain with a single stablecoin surpassing $60 billion!”as others have been unable to reach this landmark. Therefore, in the coming days, it is possible to experience an increase in demand for USDT.
Should this be the case, the value of BTC could attempt retesting its all-time high. If that happens, altcoins might also follow in a similar direction.Victor Olanrewaju is a full-time journalist at AMBCrypto. Settled in Lagos, his fascination with blockchain technology and the cryptocurrency market arose out of his love of freedom and everything free. As a Nigerian, Victor understands the impact unfounded financial restrictions have on a population.
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