Whale Alert: Tether Mints 3 Billion USDT After Black Monday
CryptoNewsTerminal Staff20 Aug, 2024
Whale Alert: Tether Mints 3 Billion USDT After Black Monday
Tether, the issuer of the stablecoin USDT, has minted 3 billion USDT in the past seven days, according to blockchain analytics firm Lookonchain. Since Black Monday (August 5th), 3.22 billion USDT has been transferred from the Tether treasury to exchanges. Of this amount, 1.75 billion USDT was transferred to crypto market maker Cumberland, while 1.29 billion USDT was sent to an anonymous address starting with TQef1. This news comes amidst a period of heightened volatility in the crypto market. Bitcoin, the world's largest cryptocurrency, has fallen by more than 50% since its all-time high in November 2021. Other major cryptocurrencies, such as Ethereum and Solana, have also experienced significant declines. The minting of new USDT could be seen as an attempt by Tether to provide liquidity to the market during this period of volatility. However, it is also important to note that Tether has been criticized in the past for its lack of transparency and its alleged use to manipulate the price of Bitcoin.
