Tether, the operator of the USDT stablecoin, issued almost half a billion coins due to the growth of the bitcoin exchange rate and increased activity of traders.
According to the Whale Alert cryptocurrency transaction tracking service, Tether conducted two operations to issue 150 million and 300 million USDT, which were made on October 20 and 21, respectively. 185.9 million USDT were transferred from Tether addresses to various wallets, and 126.9 million coins were sent to the Binance exchange address.
After the release of the new USDT, some users of the social network Twitter expressed suspicions about market manipulation. The first 150 million USDT was issued just hours before PayPal’s announcement and the subsequent rise in the bitcoin exchange rate. However, Tether’s technical director Paolo Ardoino said that the new USDT was released for “restocking”.
Previously, Tether transferred USDT from the Tron blockchain to the Ethereum blockchain. In August and September, a total of 2 billion coins were exchanged. Recall that the stablecoin USDT remains the largest stable cryptocurrency-the capitalization of the coin is estimated at $16 billion. At the same time, the total capitalization of the stablecoin market recently exceeded $20 billion.