The total market cap of Tether [USDT] has been gradually mounting. Notably, an additional $100 million has been added to the market cap, since Friday.
On Thursday, during the all-time high of BTC this year, Tether [USDT] volume attained an ATH of more than $40 billion. It is to be noted that USDT is still the prime stablecoin on the crypto bourses by a considerable margin. At the time of reporting, Tether is changing hands at $0.991 a pop and is having a market cap of $3.56 Billion, as per coinmarketcap. Notably, it is way ahead of other stablecoins like TUSD, USDC, DAI, etc.
Particularly, it is alleged by a thesis that Bitcoin’s price more often than not increases for a limited duration, each time more USDT come into the crypto market. A 66-page thesis released last year by a Finance Professor from the University of Texas Austin, provided evidence on this correlation and made claims that the 2017 crypto boom was orchestrated using newly printed Tether.
Notably, in the month of May a positive decision was issued in favor of the cryptocurrency exchange against the allegations of New York Attorney General office.
Notably, starting from the month of April, the total supply of USDT has expanded by 1.6 billion tokens. Nonetheless, the increase in supply this time is no more through OMNI layer of bitcoin. As per the post, the new tokens have more often than not been issued on the Ethereum blockchain. Interestingly, Tether have generated a little supply of USDT tokens on TRON and EOS, in recent times.
It is to be noted that an unidentified amount of Tether [USDT] was used in the private sale of LEO tokens. Notably, all of these stablecoins reached Bitfinex exchange, which enabled USDT issuance to be discontinued during the scrutiny. Furthermore, the aforementioned report mentions that the cryptocurrency and digital asset exchange may have been in quest of methods to take USDT out of flow during the phase. However, more Tether [USDT] tokens are printed, subsequent to the court’s ruling in the month of May.