Tether (@Tether_to), the issuer of the world’s largest stablecoin, recently minted an impressive $3 billion USDT in just one week. The big question on everyone’s mind is: where did all this USDT flow?
According to on-chain data, since August 5, approximately $3.22 billion USDT has been transferred from Tether’s treasury to various cryptocurrency exchanges.
Of this amount, $1.75 billion USDT made its way to major platforms like Kraken, OKX, Coinbase, Binance, and Bullish.com, primarily through the trading firm Cumberland. Additionally, $1.29 billion USDT flowed specifically into Kraken via the deposit address “TQef1.”
Tether(@Tether_to) minted 3B $USDT in just 1 week!
Where did these $USDT flow to?
On-chain data shows that 3.22B $USDT has flowed from #TetherTreasury to exchanges since Aug 5.
Of these, 1.75B $USDT flowed into #Kraken, #OKX, #Coinbase, #Binance, and https://t.co/pkH43dUMEz… pic.twitter.com/QZurcSxfxg
— Lookonchain (@lookonchain) August 21, 2024
This massive movement of USDT underscores the growing influence of stablecoins in the crypto market. The Tron network, in particular, has emerged as a significant player in this space, with $19 billion USDT minted on its blockchain over the past year.
Ethereum follows closely behind with $14 billion USDT minted. Currently, Tron holds approximately $61.7 billion in stablecoins, positioning it as a major force just behind Ethereum, which leads with $91.82 billion.
TETHER MINTS $3B USDT IN ONE WEEK; $3.22B MOVED TO EXCHANGES SINCE AUG. 5
– Stablecoin issuer minted about $3 billion USDT over the last seven days, according to @lookonchain data.
– This report comes after Tether minted $1 billion USDT on the Tron network on Aug. 20 and… https://t.co/sOARYWtWuB pic.twitter.com/nNJSPpidIT
— BSCN (@BSCNews) August 21, 2024
Tether Supply Grows By $33 Billion Over Past Year
In total, Tether’s supply has grown by $33 billion over the past year, bringing its market cap to a staggering $117.5 billion. As Tether continues to expand, it remains the dominant stablecoin in the market, providing essential liquidity to the crypto ecosystem.
In a recent development, Tether announced plans to launch a new stablecoin asset pegged directly to the UAE’s Dirham (AED). This new stablecoin will be fully backed by liquid UAE-based reserves. Tether is collaborating with Phoenix Group PLC, a multi-billion dollar tech conglomerate, and Green Acorn Investments Ltd. to bring this asset to market, marking its first venture into the Middle Eastern market.
TETHER SHARES PLANS TO DEVELOP AN ALL-NEW STABLECOIN…
– @Tether_to, the issuer of the world’s largest $USDT stablecoin, has just announced plans to launch a brand-new stablecoin asset, geared towards the United Arab Emirates (UAE).
– The asset will be pegged directly to the… https://t.co/gXdbbtLngO pic.twitter.com/NaPEprxNIf
— BSCN (@BSCNews) August 21, 2024
With these strategic moves, Tether is reinforcing its position as a leader in the stablecoin space while exploring new opportunities for growth and adoption.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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