Tether's Printer Has Been Running Hot In April, Minting Over 1.4 Billion USDT; Crypto Market Cap Is Up 32%

Tether, the premier stablecoin cryptocurrency has minted one billion worth of USDT stablecoins this month, which is the largest increase in the coin’s history. The freshly minted tethers sent the market cap of the crypto to over $7.5 billion, and it now challenges Ripple (XRP) for the third space spot in terms of market capitalization.

Tether minted $1.4 billion in USDT in April according to the Twitter account Whale Alert, which is another record high. Here is the list:

  • 60,000,000 USDT ($59,984,149 USD) on 4/1
  • 60,000,000 USDT ($59,854,340 USD) on 4/2
  • 120,000,000 USDT ($120,867,807 USD) on 4/6
  • 120,000,000 USDT ($120,188,699 USD) on 4/13
  • 120,000,000 USDT ($119,950,661 USD) on 4/14
  • 120,000,000 USDT ($120,474,772 USD) on 4/16
  • 120,000,000 USDT ($120,440,672 USD) on 4/18
  • 120,000,000 USDT ($120,224,140 USD) on 4/21
  • 120,000,000 USDT ($120,330,278 USD) on 4/22
  • 6,000,000 USDT ($6,057,189 USD) on 4/23
  • 7,000,000 USDT ($7,027,824 USD) on 4/24
  • 4,000,000 USDT ($3,985,877 USD) on 4/24
  • 7,000,000 USDT ($7,065,606 USD) on 4/24
  • 15,000,000 USDT ($15,146,726 USD) on 4/27
  • 5,000,000 USDT ($5,018,105 USD) on 4/27
  • 8,000,000 USDT ($7,982,039 USD) on 4/27
  • 120,000,000 USDT ($121,232,432 USD) on 4/27
  • 120,000,000 USDT ($121,137,048 USD) on 4/27
  • 9,000,000 USDT ($8,996,530 USD) on 4/27
  • 30,000,000 USDT ($30,230,670 USD) on 4/27
  • 50,000,000 USDT ($50,217,501 USD) on 4/28
  • 60,000,000 USDT ($60,129,355 USD) on 4/29

Totalling 1.401 Billion USDT ~ $1.406 Billion in USD

When a large number of stablecoins like Tether (USDT) flood the market like this it’s often a sign that bitcoin could be due to make a large move to the upside, especially with the impending halving event that’s due to occur in approximately 1,844 blocks.

bitcoin-half-reward

Bitcoin has also moved in step with the issuance of Tethers. The coin rose from $6,400 to a high of $8,300, which is almost a 30 percent increase.

Year to date, Tether printed $3.1 billion USDT. This includes $120 million in Feb and $1.4 billion in March alone. Other cryptocurrencies minted far less coins. USD Coin (USDC) minted only $250 million, Paxos Standard (PAX) minted $20 million and Binance USD (BUSD) minted $180 million.

Tether CTO Paolo Ardoino noted that the new Tethers were part of “inventory replenishes,” as reached out in the comment section of the Whale Alert Twitter.

“Note this is an authorized but not issued transaction, meaning that this amount will be used as inventory for next period issuance requests,” said Ardoino.

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Matthew North
Matthew North
Matthew North is a freelance fintech writer from New Zealand. He became enraptured with digital currencies in 2017 and has been writing about them ever since.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

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