Tether releases 250,000,000 USDT from its treasury

Tether, the leading stablecoin by market capitalization, has been on high demand in the crypto-verse lately.

The most recent development is that Tether treasury minted a whopping 250 million USDT, as seen on Whale Alert, an advanced blockchain analytic tracker.

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💵 💵 💵 💵 💵 💵 💵 💵 💵 💵 250,000,000 #USDT (250,594,163 USD) minted at Tether Treasury

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Tx: https://t.co/oWnZsbN9Er

— Whale Alert (@whale_alert) September 14, 2020

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At the time this report, Tether traded at $0.999503 with a daily trading volume of $40.9 billion. USDT price is up 0.0% in the last 24 hours. It has a circulating supply of 15 billion coins, and a max supply of 10.2 billion coins.

Quick fact: Tether is designed as a blockchain-based cryptocurrency, whose digital coins in circulation are backed by the same value of traditional fiat currencies like the U.S dollar, Japanese Yen, or the Euro. It trades under the ticker symbol USDT.

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A few months ago, Bloomberg News reports stated that the momentum with the help of the U.S dollar was expected to make Tether gain and move to the second spot.

“Absent an unlikely reversal in predominant crypto trends, it should be a matter of time until Tether passes Ethereum, to take the No. 2 spot in total assets behind Bitcoin. Receiving help from widespread adoption with a workable case as a proxy for the world’s reserve currency, there seems little to stop the increasing adoption of the dollar-linked stablecoin,” the report stated.