With the sharp rise of Bitcoin (BTC) in the last eight hours – to over $ 9,100 – the US-backed stable coin Tether (USDT) has not stopped issuing new units.
Whalebot Alerts has announced that the company has issued over 160 million new coins in the last 24 hours in just two transactions. The first $ 60 million was released when Bitcoin was valued at just over $ 8,000. A second $ 100 million transaction was issued shortly before BTC touched $ 8,500.
At the same time, there is a significant movement of USDT from the whales between Binance and OKEx. In just less than 12 hours, 91 million tokens were transferred from unknown portfolios to the two exchanges, with the bulk – $ 85 million in two transactions – going to Binance.
Only $ 22 million was transferred from the Tether Treasury .
Stable coin without much stability
The Tether Treasury has issued an extremely large number of coins since its inception, with nearly $ 7.8 billion in total assets. Although many suspect that the seemingly negligent coin issue – over one billion in the last month alone – may have led to an increase in the price of other cryptocurrencies, it has been reported that this type of market manipulation is unlikely.
However, the USDT is still mired in controversy, with some arguing that it should not be delayed for an extended period. The stigma may be partly due to a lawsuit in 2019 which found that the coin could only be backed up by 74% of the fiat currency and not by the close 1: 1 ratio, which suggests the very name of stable coins.