Tether Prints Fresh $150 Million USDT, Market Cap Up 65% Since Bitcoin Rally Started in Early April
- $150 million USD authorized, not issued yet
- Tether market cap increased with Bitcoin price over the last two months that saw BTC going from $4k to $9,100
- USDT currently trading at a premium to USD
The popular and controversial stablecoin Tether (USDT) has experienced a great surge in its market capitalization since Bitcoin saw a monster rally starting in April. Among the top 10 cryptocurrencies by market capitalization of $3.3 billion, Tether has printed a fresh batch of $150 million worth of USDT.
All the newly printed USDT are based on Ethereum blockchain and been sent to the treasury account of the Tether.
💵💵💵💵💵💵💵💵💵💵 150,000,000 #USDT ($150,000,000 USD) minted at Tether Treasury
— Whale Alert (@whale_alert) June 11, 2019
The amount reportedly is authorized but not issued yet. Additionally, these newly printed USDT haven’t hit the market yet, so it’s is yet to be known when and if they will actually make it to the market.
The fact that there isn’t any concrete proof regarding the price of Bitcoin and Tether issued, it is still hard to determine if these newly printed USDT in the future will affect BTC prices. Currently, BTC/USD is trading at $7,811 with 24 hours loss of 1.79 percent.
Moreover, the controversies around Tether are far from fading that started from USDT not backed 100 percent by USD rather also involving other assets and loan receivables. Moreover, we also came to know that Tether has been using its reserves to invest in Bitcoin.
Tether Market Cap Surges Along with Bitcoin price
Since 2019 started, Bitcoin price started showing signs of greens after the brutal winter of 2018. However, it was in April, when BTC first went from $4,000 to $5,000 and then in May climbed it $9,100 level.
This increase in BTC price benefitted USDT as well which saw an increase of 65 percent in its market cap.
USDT market cap is up 65% since the bitcoin rally resumed at the start of April. pic.twitter.com/o9orBrU4Xv
— skew (@skewdotcom) June 11, 2019
Another interesting thing is the fact that USDT is currently trading at a premium to USD at $1.01 that Skew says, is
“another sign of trust.”
Meanwhile, Tether’s competitors USDC, TUSD, and PAX have also started showing growth lately. Amidst the increase in market cap these stablecoins are seeing, there are a few exceptions in the form of DAI that is in stagnation and GUSD that lost its ground.