Today, the crypto market is experiencing a strong bullish trend, driven by the latest minting activity from Tether Treasury.
According to Lookonchain, Tether Treasury minted another 1 billion USDT on the Tron Network earlier today, adding to the ongoing surge in market enthusiasm.
Over the past year, Tether has minted a staggering 33 billion USDT, with 19 billion USDT minted on the Tron Network and 14 billion USDT on Ethereum. The rapid increase in USDT supply has had a notable impact on market dynamics, often coinciding with upward movements in crypto prices.
Tether Treasury minted 1B $USDT on #TronNetwork again 25 minutes ago!#TetherTreasury has minted 33B $USDT in the past year, of which 19B $USDT was minted on #TronNetwork and 14B $USDT was minted on #Ethereum.https://t.co/2wFo2DEvz3 pic.twitter.com/DntKu0WC5A
— Lookonchain (@lookonchain) August 20, 2024
Tether Influence Goes Beyond Tron And Ethereum
Tether’s influence extends beyond Tron and Ethereum. The company has also been actively issuing USDT on Avalanche, which has seen a 10% increase in supply over the past 30 days, ranking second in 30-day change among networks. This expansion highlights Tether’s growing presence across multiple blockchains, reinforcing its pivotal role in the crypto ecosystem.
Tether is issuing a lot of USDT on @avax.
10% change in the supply over the past 30 days and ranking #2 by 30D change.These are the signs for the inflection point of $AVAX, remember the hype and activity on there last cycle, this is coming back. pic.twitter.com/UJoqVh5nxy
— Kronk (@kronk_pump) August 19, 2024
Tether’s ability to mint large amounts of USDT has led to comparisons with the Federal Reserve’s influence on traditional financial markets. Just as the Fed’s monetary policies can drive market movements, Tether’s USDT minting often sparks bullish sentiment in the crypto market.
This correlation was particularly evident during the latest Bitcoin correction, where Tether’s minting activities seemed to counterbalance the downturn, providing liquidity and bolstering market confidence.
#Tether is like the @federalreserve of #crypto! Every time more $USDT is minted, the market seems to climb higher.
During the latest #Bitcoin correction, those #USDT printers were working overtime! pic.twitter.com/J8tLbjcMHe
— Ali (@ali_charts) August 20, 2024
As Tether continues to pump more USDT into the market, investors are keeping a close eye on how this will impact future price movements. With Tether acting as a critical liquidity provider, its actions could play a significant role in shaping the market’s direction in the coming months.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
Follow us on Twitter @themerklehash to stay updated with the latest Crypto, NFT, AI, Cybersecurity, and Metaverse news!
Image Source: aleksandrasova/123RF // Image Effects by Colorcinch
