With the Bitcoin halving just hours away and fewer than 100 blocks remaining, Tether, the well-known USDT issuer, has taken a significant step by creating an additional billion USDT units on the Ethereum blockchain.
One billion USDT being produced has generated significant curiosity and conjecture among crypto enthusiasts, leaving many pondering its possible effects on market trends before and after the notable Bitcoin halving event.
Paolo Ardoino, the CEO of Tether, explained that the approved transaction to add new USDT to the Ethereum network has not been issued yet. The USDT is set aside for upcoming inventory and exchange transactions.
Public Service Announcement: A transaction representing 1B USDt is being added to the Ethereum Network’s inventory. This transaction is approved but not yet issued. The funds are being held in reserve for future issuance requests and chain transfers.
— Paolo Ardoino 🍐 (@paoloardoino) April 19, 2024
Tether’s decision to add more USDT to circulation occurs during a busy period, with USDT’s market value currently at over $109.55 billion, making it the third biggest crypto asset. This infusion of new USDT could enhance liquidity and possibly impact trading patterns in anticipation of the Bitcoin halving.
Where is liquidity at?
Recently, Tether’s analytics expert, Spot On Chain, revealed some intriguing information about Tether’s transactions. In just the past month, the Tether Treasury generated an astonishing five billion USDT. Out of this massive amount, two billion USDT were minted on the Ethereum network, while three billion USDT saw creation on the TRON network. A large portion of these newly created tokens has already been transferred to prominent crypto exchanges.
The upcoming Bitcoin halving has cryptocurrency enthusiasts on the edge of their seats. The anticipated event already carries significant implications for the market. However, the role of Tether in this situation adds an additional layer of mystery and intrigue.
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2024-04-19 15:58