Tether is the most valuable stablecoin by market value. It is a leading household name in the fast-changing crypto market.
The latest development is that Tether treasury minted a whopping billion USDT, as seen on Whale Alert, an advanced blockchain tracker, and analytic firm.
“1,000,000,000 USDT (1,004,820,179 USD) minted at Tether Treasury,” they said.
READ: Tether Treasury opens up 400,000,000 USDT
💵 💵 💵 💵 💵 💵 💵 💵 💵 💵 1,000,000,000 #USDT (1,004,820,179 USD) minted at Tether Treasury
— Whale Alert (@whale_alert) March 10, 2021
Tether is currently the fourth most valuable crypto, traded at $1.00 USD with a daily trading volume of $95 billion. It is down 0.02% for the day.
Tether is designed as a blockchain-based cryptocurrency whose digital coins in circulation are backed by the same value as traditional fiat currencies like the U.S dollar, Japanese Yen, or the Euro. It trades under the ticker symbol USDT.
READ: U.S dollar stays fairly stable amid rising U.S Treasury yields
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.