Tether issues USDT tokens for another $ 120 million.
The demand for stablecoins continues to grow.
The volume of transactions on the Ethereum network equaled Bitcoin.
International consortium of news organizations developing transparency standards.
The US Central Bank is not the only one actively using the printing press. The cryptocurrency industry has its own version of the Fed, and this is the Tether Treasury wallet that never ceases to issue new tokens, increasing the supply in the market..
Recently, practically not a single week has gone without whale alert messages about the appearance of several million more new USDT coins on the market..
120,000,000 #USDT (120,474,772 USD) minted at Tether Treasury
– Whale Alert (@whale_alert) April 16, 2020
At the end of last month, total project assets in USDT exceeded $ 6 billionand to $ 6,141,809,416.36. Taking into account the surplus of assets in the amount of about $ 127 million, the total amount of the project’s liabilities is $ 6,014,443,887.36. Now, literally in three days, tokens for another $ 120 million poured into the market.
According to Coinmarketcap.com, Tether’s market capitalization is already nearly $ 6.4 billion USDT’s capitalization is just $ 2 billion behind XRP and exceeds Bitcoin Cash’s capitalization, continuing to grow.
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This year alone, the project’s market capitalization has jumped 56% due to the almost continuous release of new coins. The sharpest jump in capitalization was recorded on March 31, when the wallet issued USDT tokens worth over $ 1.5 billion.
The demand for stablecoins is growing
The first quarter of 2020 turned out to be extremely successful for stablecoins, the issue of which increased to $ 8 billion, exceeding the figures for the entire last year..
Moreover, the exchanges show the most active interest in Tether, which constantly updates record highs. The growth is reported by the analytical company Glassnode, according to which, another record was recorded just yesterday – the volume of USDT tokens on the sites exceeded $ 1.6 billion.
$ USDT Balance on Exchanges (1d MA) just reached an ATH of 1,661,769,830.684 USDT
Previous ATH of 1,661,209,417.084 USDT was observed on 15 April 2020
View metric: https: //t.co/Hpeb0LFt3p pic.twitter.com/Cf3rInpQ5h
– alerts glassnode (@glassnodealerts) April 16, 2020
But at the same time, concerns about the nature of Tether continue to increase in the community, and the question of 100% availability of stableloin in US dollars remains open. We will also remind that earlier the editorial staff of BeInCrypto already reported that Tether was involved in a protracted litigation in the case of alleged collusion with the Bitfinex trading platform to cover its losses..
Part of the surge in coin supply can be attributed to the surge in demand for Tether in China, where restrictions on capital flows and digital currencies remain in place. Traders and investors in the EPR are likely to prefer to increase their exposure to the US dollar amid the country’s record economic contraction.
Side effect for Ethereum
Due to the growth in the emission of stablecoins, the volume of transfers on the Ethereum network has risen to record levels. Research firm Messari noted that the Ethereum network now records the same volume of transactions with Ether and ERC-20 stablecoins as in the case of Bitcoin..
In addition, stablecoins currently account for about 80% of this volume, and their share will continue to grow along with demand if the current trend continues..
Value transfer on Ethereum just reached parity with Bitcoin.
This is a story of the explosion of stablecoins in Q1 2020.
1 / pic.twitter.com/noKBvFbgFO
– Ryan Watkins (@RyanWatkins_) April 15, 2020
In your opinion, will the demand for stablecoins continue to increase, which fuels the emission of Tether in the longer term? Share your opinion in the comments.
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