Tether Mints One Hundred & Twenty Million Worth of USDT, Allegedly Anticipates More Demand

Tether has recently printed one hundred and twenty Million USD worth of stablecoins. This signifies that it anticipates even more demand on the countdown to the Bitcoin halving event.

The new batch of USDT coins will be used for future issuance requirements, as explained by Tether and Bitfinex CTO Paolo Ardoino.

It is to be noted that along with a batch of other stablecoins, USDT has prospered during the coronavirus crisis, with its market cap recently crossing seven Billion USD. However, USDT’s market cap has reduced to 6.2 Billion USD, at the time of reporting. At press time, USDT is changing hands at a loss of 1.73%, in the last 24 hours.

Subsequent to the market crash on 12th March, investors rushed to fiat-pegged digital assets in order to hedge themselves against rough volatility. Since then, the stablecoin market has expanded to over eight Billion USD, before moving down in the last few days.

As of now, the fact that billions worth of stablecoins are apparently waiting to come in the crypto market is one of the bullish Bitcoin narratives. In the light of the recent events worldwide, only time can tell the impending fate of the cryptocurrency bourses.