Tether, the well-known USDT issuer, has taken a noteworthy step by minting an extra one billion USDT on the Ethereum network as the much awaited Bitcoin halving event draws nearer. The Bitcoin halving, which is currently less than 100 blocks away, is scheduled to happen in just a few hours, thus Tether’s move comes at a critical time.
The cryptocurrency industry is abuzz with conjecture and intrigue about the minting of one billion USDT, and there are worries about how this may affect the dynamics of the market before and after the historic Bitcoin halving.
Tether CEO Paolo Ardoino clarified the situation by saying that although the transaction has been approved, the freshly injected USDT is not yet being issued. It is intended to be utilised for Ethereum Network chain swaps and future inventories.
Tether’s action coincides with a spike in activity; USDT’s market value has already surpassed $109.55 billion, securing its ranking as the third-largest cryptocurrency asset. It is anticipated that the new USDT infusion would increase liquidity even further, which might have an impact on trade patterns leading up to the Bitcoin halving event.
https://x.com/paoloardoino/status/1781257854755782794
Where is liquidity at?
Leading analytics company Spot On Chain has revealed new information on Tether’s operations, noting that the Tether Treasury has made an astounding five billion USDT in just the last 30 days. Two billion USDT are on the Ethereum chain, and three billion USDT are on the TRON chain. A sizeable amount of them have already been placed into well-known cryptocurrency exchanges.
The interaction between Tether’s activities and this historic milestone adds another element of fascination to the emerging scenario on the cryptocurrency market, as the community excitedly anticipates the impending Bitcoin halving.
