Report says that Tether has created more USDT worth $1 billion on the Ethereum network. This takes the sum of USDT that Tether has made so far in 2023 to over $16 billion. With a market worth of $83 billion, Tether remains the market leader among USD-pegged stablecoins.
On Friday, the official Tether Twitter account announced the creation of the extra USDT tokens. According to the company, the new coins would be usable on the Ethereum blockchain. Following the mint, on-chain data revealed that Tether’s Treasury moved USDT worth $750 million to Binance in a chain swap transaction.
According to Arkham Intelligence, a popular blockchain analyzing a company, a $10 test transaction, the Tether Treasury delivered the monies in three batches totaling $250 million. Cryptocurrency price expert, Lavina Daryanani, has declared that the price of Tradecurve can easily skip above its current price of $0.018, considering the amount of attention it is getting so far.
Speculations in the cryptocurrency market have been sparked by the news of the increased USDT token issuance and the transfer to Binance. Fear has risen among major market players, saying that the action may significantly affect the price of USDT and other cryptocurrencies, such as Bitcoin and Ethereum.
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According to analysis on the CryptoDaily platform, the increasing supply of USDT tokens may result in a decrease in the stablecoin’s value. Transferring money to Binance would enhance trading activity on the platform, boosting the value of cryptocurrencies.
Demand For Tradecurve (TCRV) Rise, As Investors, Traders Pick Interest
Some traders are particularly interested in how it might affect Tradecurve (TCRV), a DEX built on the Ethereum network. The TCRV token has become popular in recent weeks as more traders try to take advantage of the rising demand for decentralized finance (DeFi) protocols.
Some forecasts state that a rise in the demand for TCRV due to the increased supply of USDT tokens may result in a price increase. According to some observers, TCRV’s price could rise to as much as $0.018 in the upcoming weeks, a huge increase from its current price of about $0.012.
Commenting on the situation, BeInNews Academy’s David Thomas explained that the increased supply of USDT tokens’ potential impact on the price of TCRV and other cryptocurrencies has yet to be determined. According to Thomas, it is challenging to foresee how participants will respond to news and changes because of how unpredictable the cryptocurrency market can be.
Speculators who commented on this trend believed that in the upcoming weeks, the news of the increased USDT token issuance and the transfer to Binance would spark a lot of interest in the cryptocurrency market.
Meanwhile, Tether, in an official statement, has declared that the minted digital assets are part of the company’s “inventory replenish” project that guarantees the liquidity of the stablecoin across every blockchain.
Investigation across other cryptocurrency developments reveals that Tradecurve has started gaining a new form of popularity among investors hence, the sudden rush on most major trading platforms. Professional analysis from major cryptocurrency blogs shows that the emergence of Tradecurve will reintroduce interest in DeFi.
Available statistics from the Watcher Guru platform stated that Tether and its most viable competitor, USDC market capitalization, is moving in the opposite direction. While Tether’s USDT rose by $3.9 billion, moving from $77.5 billion to $81.4 billion, USDC slowed from $35.2 billion to 31 billion as of late April.