It is obvious and goes without saying that there is an increase in the demand for the USD backed stable coin. Reportedly, in the current scenario, Tether Treasury is printing more of their USDT.
This in particularly over the past two months, where we can see a lot of USDT making it to the cryptocurrency market. The Tether Transparency reports the current balance of USDT to be trending at $7.4 billion. This is a jaw-dropping and nerve-wracking number.
Mathematical figures apart, the fun is to see how quickly the USDT has mushroomed up in the cryptocurrency space bagging crypto value to its table.
In the past month alone, reportedly, the Tether (USDT) has surpassed the $6 billion in USDT. On April 19, 2020, Tether has topped $7 billion. On April 24, 2020, sitting close to $7.5 billion. The average works out to be $40 M per day! This has not stopped, and the process is continuing. So, based on a month’s record, we can see Tether has added to nearly $1.5 billion worth of USDT in just 28 days. So, Tether is good in what they do because they know where the demand is coming from.
Sydney Ifergan, the crypto expert, tweeted: “This looks like a Tsunami of crypto-dollarization. The CoVID seems to have added to the multi-dimensional demand for Tether USDT. Therefore, they are issuing like never before.”
Interestingly, several media reports have noted that several other Stable Coins have Flatted, but for Tether (USDT).
Questionably, Institutional investors are flocking to tap into advantage from Tether (USDT).
Tether (USDT) Microscopic Alerts
The surfacing concern is that no other stable coin has managed to gather as much attention and surge as the Tether (USDT). USDC, backed by Coinbase, did not see any kind of surge. While it can seem to be strange for whatever reasons, probably Tether did their marketing homework well, or they did something that USDC forgot to do.
Tether (USDT) probably knew how to make hay while the sun shines. While others neglected the sub shining, maybe Tether took advantage of the trend.
Controversies apart, some people and teams know how to keep their business process alive in the worse of uncertain situations.
In all good spirits, analysts are going to set their microscopes on high alert, and they are indeed going to check in to the source, what, and where about. Let us wait for details to unfold.