Blockchain data shows that stablecoin issuer Tether has minted over $33 billion in USDT over the last year.
According to blockchain tracking firm Lookonchain, Tether minted billions of USDT on the Tron (TRX) and Ethereum (ETH) blockchains.
“Tether Treasury has minted 33 billion USDT in the past year, of which 19 billion USDT was minted on Tron Network and 14 billion USDT was minted on Ethereum.”
According to closely followed crypto analyst Ali Martinez, there has been a strong correlation between the price of Bitcoin (BTC) and Tether’s minting of new USDT.
“Tether is like the Federal Reserve of crypto! Every time more USDT is minted, the market seems to climb higher.
During the latest Bitcoin correction, those USDT printers were working overtime!”
According to a recent announcement from Tether, USDT will soon also be available on Aptos (APT), a high-speed Ethereum rival blockchain built for scalability.
Aptos utilizes a Proof-of-Stake (PoS) consensus mechanism, and its blockchain processes transactions in parallel, aiming to enhance efficiency and speed.
According to the announcement, USDT gas fees on Aptos will cost less than a penny.
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Generated Image: Midjourney