Tether mints $540 million in 3 days

By: Ben Gabriel
Ben Gabriel
Ben is a cryptocurrency journalist, simple. He's also a technology and cryptocurrency geek having enjoyed immersing himself in the… read more.
on Jul 30, 2020
  • Tether introduces $540 million to keep up with the stimulating supply.
  • Tether ranks at fourth position in the cryptocurrency chart by the market capitalization of $10 billion.
  • Investors claim that cryptocurrencies will keep rising amid the liquidity pump.

It is no surprise that Tether, the most popular stable coin is gaining momentum as Bitcoin sets a new high in 2020. As per the recent development outlined by the whale alert, an analytics platform, and blockchain tracker. Tether treasury noticed a whopping amount of $540 million within three days.

Today it generated $300 million on the Tron network before minting $120 million twice on the Ethereum network.

Tether and its achievements

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Tether is a blockchain-backed cryptocurrency and its tokens are backed traditional fiat currencies, just like Euro, Dollar, or the Japanese yen. The token of Tether trades under the USDT symbol.

Tether has been doing wonders in terms of progress as the stablecoin made its way into the list of top five cryptocurrencies. In fact, not too long ago Tether outperformed Ripple and become the third biggest cryptocurrency by market capitalization.

Being the most controversial stablecoin has made it the most popular token in the industry. The stablecoin and Bitfinex, a popular cryptocurrency exchange share a history together as both entities have the same chief executive and CTO.

Moreover the CTO of Tether, Paolo Ardoino said on twitter that these transactions will be used to replenish the inventory. Tether’s preparation for stimulating demand is in full flow.

Paolo Ardoino stated:

“Note this is a (sic) authorized but not issued transaction, meaning that this amount will be used as inventory for next period issuance requests.”

The most prominent crypto-personalities, analysts, and investors believe that bitcoin will keep going upward due to liquidity pump.

“Bitcoin still has a lot of retail interest in it,” he said. “A lot of that retail interest shifted to the story stocks, to the tech stocks, because they were just more fun … Yesterday you saw a lot of money shift back over to gold and bitcoin.”

This means that other cryptocurrencies will be following the lead as well.

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