Almost half a billion USDT minted in past 36 hours as Bitcoin rallies
Of the 450 million new USDT tokens, more than 185 million have been distributed with 126.9 million USDT going to Binance alone
The first 150 million was printed only hours before Paypal’s announcement and the Bitcoin (BTC) price rally that followed.
Although some raised the usual allegations of market manipulation in response to Whale Alert’s tweets, both transactions were acknowledged by Tether CTO Paolo Adoino as unissued “inventory replenishes” on the Tron (TRX) Network:
Since yesterday’s 150 million USDT minting, 15 transactions totaling 185.9 million USDT have been sent to exchanges including Bitfinex, and Huobi, as well as several “unknown addresses.”
Almost 70% (126.9 million USDT) of the tokens sent out of the Treasury ended up going to Binance.
The Tether Treasury wallet now holds only a little more than 280 million USDT. The last of the transactions occurred one hour after the 300 million USDT run was minted.
Tether issuance has been frequently linked with Bitcoin price rallies, although there is a constant “chicken and egg” debate over whether the issuance leads the rally, or is in response to demand.
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