January 16, 2021

Tether prints 2 billion USDT in a week

Tether prints 2 billion USDT in a week

The stablecoin issuer USDT issued 2 billion coins in just a week.

The previous record was set early September last year, when USDT supply increased by 1 billion in eight days.

At the beginning of last year, only 4.8 billion USDT circulated in the market. Now, according to Messari, the stablecoin supply is over 24.6 billion.

Tether prints 2 billion USDT in a week

The largest amount of USDT was issued on Ethereum - $ 14.34 billion, on Tron - $ 9 billion, the rest - on Omni, EOS, Algorand, Liquid sidechain and Simple Ledger Protocol from Bitcoin Cash.

Paolo Ardoino, CTO of Bitfinex, believes that the growth of USDT capitalization is natural against the backdrop of the injection of institutional capital into the market, which uses OTC platforms.

In order to buy bitcoin, clients convert funds into USDT and distribute purchases among available sources of liquidity, increasing demand for stablecoin.

According to CoinGecko, the largest stablecoin has a daily trading volume of $ 150.8 billion, while Bitcoin's turnover is $ 102.7 billion.

Tether prints 2 billion USDT in a week

Paolo Ardoino noted that USDT is fully backed by fiat reserves and intends to strengthen compliance with KYC / AML requirements and improve the company's transparency in the coming year.

Tether prints 2 billion USDT in a week

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