Thomas Daniels
In a notable development, Tether has expanded its footprint in the digital currency space by minting an additional batch of its USDT stablecoins, marking a significant issuance of two billion USDT within a span of merely two days. Esteemed analysts from Lookonchain have highlighted that the USDT issuer sanctioned the creation of one billion new coins on the Tron blockchain, a move that follows closely on the heels of a similar issuance executed on April 2.
As of the latest updates, Tether has refrained from issuing a statement regarding this new tranche of USDT.
Presently, metrics from CoinMarketCap illustrate that USDT boasts a market capitalization of $106.2 billion, commanding a dominant stance with a 69.2% market share in the stablecoin sector, as per the DefiLlama dashboard. This positions USDT with a substantial lead in a market totaling a capitalization of $153.2 billion.
Insights from CryptoQuant analysts, who have meticulously tracked the interplay between USDT’s circulating supply and Bitcoin’s valuation, reveal a striking correlation. Since the tail end of 2022, the circulating supply of USDT witnessed an augmentation of around 30 billion. Notably, each increment in supply has been synchronized with the advent of a bullish phase for Bitcoin, the premier cryptocurrency.
Tether continues to hold the reins as the market’s foremost stablecoin issuer. Nevertheless, the veil of ambiguity surrounding its reserves has been a source of ongoing speculation and apprehension, fostering fears of a potential devaluation that could have far-reaching effects on the broader cryptocurrency landscape.
Adding to its challenges, Tether recently found itself at the center of controversy following an exposé by the Wall Street Journal. The investigation unveiled allegations of partners employing counterfeit documentation and shell entities to infiltrate the banking system, casting a shadow over the stablecoin’s operational integrity.
