Tether opens up 300,000,000 USDT

Tether, the most valuable stable coin by market value, has become a household name in the fast-changing crypto market.

The latest development is that Tether treasury minted a whopping 300 million USDT, as seen on Whale Alert, an advanced blockchain tracker and analytic firm.

READ: Large BTC entity transfers over $100 million worth of Crypto

💵 💵 💵 💵 💵 💵 💵 💵 💵 💵 300,000,000 #USDT (299,180,785 USD) minted at Tether Treasury

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Tx: https://t.co/z3s49Y6WmQ

— Whale Alert (@whale_alert) October 21, 2020

READ: Bitcoin robbers transfer part of Bitcoin loot worth $1.4 billion

At the time of this report, Tether traded at $0.999746, with a daily trading volume of $33,341,910,985. USDT price is flat in the last 24 hours. It has a circulating supply of 16 Billion coins and a max supply of 10.2 Billion coins.

To show how fast the third most valuable crypto by market value has become relevant, data from Glassnode, an on-chain analytics provider, showed Tether transaction volume increased by around 20% over the past 30 days, to reach that new cumulative milestone.

READ: 2 TRON whales transfer over 120,000,000 TRX

What you should know

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.

READ: Ripple Whale transfers 20,000,000 XRP to Binance

Backstory

Nairametrics had earlier outlined a report on the organic growth of Tether’s market capitalization, as one of the major reasons for the gain Bitcoin (BTC) is presently having in the mid-term. Interest in digital links to the dollar represents the need to handle and store value in the world’s reserve currency, without an intermediary.