Tether’s Treasury Minted 80 Million New USDT To Unknown Wallets

Tether’s treasury minted 80 million new USDT to unknown wallets over the past day according to Whale Alert’s reports as we are reading more about it in the latest Tether crypto news.

Tether is the world’s most valuable stablecoin by market cap which got a lot of traction over the past period. The latest development seen is that Tether’s treasury minted 80 million new tokens to unknown addresses as we can see from Whale Alert’s reports. The altcoin is ranked the 3^rd largest cryptocurrency by market cap of $9.2 billion with a daily volume of $22.8 billion at the time of writing.

🚨 10,000,000 #USDT (10,028,011 USD) transferred from unknown wallet to #Bitfinex

Tx: https://t.co/gOsfsxOYOR

— Whale Alert (@whale_alert) July 11, 2020

Tether is designed as a blockchain-based cryptocurrency that has its digital coins in circulation backed by the same value of fiat currencies such as the US dollar, the Euro, or the Japanese Yen. A few weeks ago, the reports showed that the momentum with the help of the US dollar was supposed to make the cryptocurrency gain and move in the second spot. With the absence of reversal in the crypto trends, it should be a matter of time until Tether passes Ethereum to take the second position in total assets behind Bitcoin.

🚨 🚨 🚨 🚨 40,000,000 #USDT (40,223,722 USD) transferred from #Bitfinex to #Huobi

Tx: https://t.co/HC9e2PMoYH

— Whale Alert (@whale_alert) July 11, 2020

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 news USDT on the TRON network while the value of the token recently surpassed XRP and reached $9.2 billion.

We can also see that Tether and Aave protocol recorded a major increase in the demand for the USDT token, attributed to the growing interest in Defi applications. The press releases mentioned that there was a ‘’ready take up of USDT in Flash loans’’ which allows the users to borrow multiple different ERC-20 compliant tokens without having to put up the collateral to back the loan positions. Paolo Ardoiono, the CTO of Tether said that USDT is ‘’the reserve currency of crypto and DeFi.’’ The USDT market cap increased by more than 4 times from around $2 billion last year to about $9 billion. Tether works along with EOS, Algorand, Ethereum, and Tron.

Most recently, The stablecoin managed to blacklist 39 ETH addresses which were worth $46 million in USDT, 24 of which hold around 5.5 million USDT being blacklisted this year.