Biggest Stablecoin USDT Mints Again: 120 Million Minted In A Few Hours

The Biggest stablecoin USDT just minted 120 million new tokens in a few hours as we can see from the Whale Alert data in our Tether crypto news.

Whale alert, the advanced blockchain tracker and analytics system revealed that the Tether treasury, the biggest stablecoin USDT issuer has just minted 120 million coins in a few hours. As it can be seen by the data from Coinmarketcap, Tether is ranked the 3^rd biggest cryptocurrency by market cap of $10 billion with a volume of $17.2 billion, trading at a price level of $1 at the time of writing.

💵 💵 💵 💵 💵 💵 💵 💵 💵 💵 120,000,000 #USDT (120,764,833 USD) minted at Tether Treasury

Tx: https://t.co/wZa5s5CRKK

— Whale Alert (@whale_alert) July 22, 2020

Tether is designed as a blockchain-based digital asset whose coins in circulation are backed 1:1 with the US dollar. As we reported previously in the tether crypto news, Tether’s treasury minted 80 million new USDT to unknown wallets over the past day according to Whale Alert’s reports. Getting help from the widespread adoption, there seems to be little that can be done to stop the increasing adoption of the dollar-linked stablecoin. As previously reported, Tether produced 100 million new USDT on the TRON network while the value of the token recently surpassed XRP and reached $9.2 billion.

Also, in the Tether coin news yesterday, USDT hit a $10 billion market cap and the announcement was announced by the company after seeing through the market price aggregator CoinGecko. USDT’s issuance has seen some increased growth this year doubling from the $5 billion in just a few months since March 2020. As per the previous reports, a relevant portion of this growth came from the existing fiat on exchanges that are transformed into USDT.

Ardoino explained that Tether invests in startups and scaling solutions that share the values and vision but it is also funding RGB that is a protocol to bring tokenized assets to the LN. USDT is leading the non-governmental stablecoin because most of the crypto competitors continue to fall behind under most metrics. The potential threat to dominance could come from the central bank digital currencies that will likely be issued by government-backed institutions and will replace the existing fiat system.

Tether’s average daily transaction value just surpassed the one of Bitcoin as the stablecoin sector was seeing some huge growth over the past year. This led to the transaction value of USDT flipping the one of Bitcoin.