Tether Treasury Continues Its Printing Spree With New $60M

The latest cryptocurrency news show that as of recently, the Tether Treasury minted yet another 60,000,000 in USDT which were meant for an “inventory replenish.” With this, the firm continued its printing spree and the new amount is set to enter the markets shortly.

Despite the volatility today and the fact that the market is bleeding, the Tether Treasury inspires many other stablecoins to fill in its blanks and start printing more batches of their stablecoins. As reported in the news, the Treasury printed three batches of $60M USDT in just the past two days. Today, this continued with another $60 million USDT set to enter the markets shortly.

💵 💵 💵 💵 💵 💵 💵 60,000,000 #USDT (60,348,158 USD) minted at Tether Treasury

Tx: https://t.co/etngZPdKlT

— Whale Alert (@whale_alert) March 20, 2020

Just like in the past three times, the Bitfinex CTO Paolo Ardoino said that this is for an “inventory replenish.” In the community, the Tether news showed that this new batch of USDT has been met with some skepticism by select users. Replies to the news have been mixed and some people called it an outright scam.

Others also took to Twitter to comment that the new printing by the Tether Treasury is similar to central bank printing – something that the cryptocurrency industry often criticizes. Anyways, this is all a twist of irony that cannot go unnoticed.

Tether has had a controversial reputation in the crypto community at large. Despite USDT being the largest stablecoin out there, the media previously reported that the co-founder at Tether has publicly said that it “does not matter” if USDT is actually backed by dollars or not.

Meanwhile, other news from the market show that Bitcoin stayed strong over the past few days but collapsed today. Still, even at press time, Bitcoin (BTC) is holding up well above the $6,000 mark, driven by the positive momentum which happened in spite of a volatile stock market. This also caused some analysts to declare that Bitcoin has decoupled from traditional finance and found its ‘true market value’ now.

What should also be noted is that the Tether Treasury printing spree happened after a 50% drop last Thursday. In total, the spree now amounts to $240 million in USDT being added to the market. As of now, there are still some concerning macroeconomic trends which could unravel the crypto markets again.