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Tether, the most valuable stablecoin by market capitalization, has been gaining a lot of traction in recent times. The latest development is that Tether treasury minted a whopping 250 million USDT, as seen on Whale Alert, an advanced blockchain tracker and analytic firm.
READ: Whales are buying XRP, Ripple becomes world’s 3rd most valuable crypto
💵 💵 💵 💵 💵 💵 💵 💵 💵 💵 250,000,000 #USDT (251,574,783 USD) minted at Tether Treasury
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— Whale Alert (@whale_alert) September 8, 2020
At the time this report was drafted, Tether traded at $1.00 with a daily trading volume of $41.44 billion. USDT price is down -0.2% in the last 24 hours. It has a circulating supply of 14 billion coins and a max supply of 10.2 billion coins.
READ: Investors rushing to U.S dollar, as Gold, Bitcoin prices plunge
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.
A few months ago, Bloomberg 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.
READ: Bitcoin whale transfers $641 million worth of BTCs
“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.
