The offer of Tether (USDT) in Exchange reaches a maximum of 6 months. What does this mean?

It has been a pop-and-drop spectacle for the crypto market in general after the Fed’s comment on Wednesday, December 15th. However, one area that needs to be watched closely is the tremendously growing supply of Tether’s USDT stablecoin.

Well this is obvious from looking at the way the crypto markets have corrected and the sell-offs have occurred. A large number of traders have liquidated their positions and are currently holding USDT in massive amounts.

According to chain data provider Santiment, the supply of USDT stablecoins on the exchange has hit a 6-month high. The data provider notes:

The share of Tether stablecoins on exchanges has risen to 22.5%, which is the highest level in more than 6 months. This supply amount becomes $ 8.99B, indicating an increasing level of accumulated purchasing power in exchanges.

Courtesy: Santiment

Tether Issues $ 4 Billion Fresh USDT In One Month

Stablecoin issuer Tether has been quite aggressive in its USDT issuance this year. In just the last month or so, Tether has issued an additional $ 4 billion in additional USDT with its market capitalization crossing $ 76.5 billion recently.

Tether USDT Supply on Exchange Hits A 6 Month High WhatCourtesy: CoinMarketCap

The supply of Tether (USDT) to the crypto market has increased tremendously this year in 2021. If we look at the chart for the year to date, the supply of USDT has quadrupled from $ 20 billion to almost $ 80 billion.

Well, there have been several reports indicating that Tether has been printing USDT from the air without backing them 1: 1 to the US dollar. However, Tether has denied all of these allegations stating that it has all its reservations in place. On his website he noted:

“100 percent backed by reserves, which include traditional currency and cash equivalents and, from time to time, may include other assets and accounts receivable.”

Tether has even been adopted by some political parties. Recently, the parallel government of Myanmar, NUG, announced Tether’s USDT as the official currency. Tether has responded by calling it a bold move.

Disclaimer

The content presented may include the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication has no responsibility for your personal financial loss.

About the Author

Bhushan is a fintech enthusiast and has a good talent for understanding financial markets. His interest in economics and finance draws his attention to the new emerging markets of Blockchain technology and cryptocurrencies. He is continuously in a learning process and stays motivated by sharing the knowledge he has acquired. In his spare time, he reads fiction and suspense novels and sometimes explores his culinary skills.

1639718509 879 Tether USDT Supply on Exchange Hits A 6 Month High What1639718509 879 Tether USDT Supply on Exchange Hits A 6 Month High What

We would like to thank the author of this short article for this amazing content

The offer of Tether (USDT) in Exchange reaches a maximum of 6 months. What does this mean?

Dispensary Business News