The first 150 million was printed only hours before Paypal’s announcement and therefore the Bitcoin (BTC) price rally that followed.
Although some raised the standard allegations of market manipulation in response to Whale Alert’s tweets, both transactions were acknowledged by Tether CTO Paolo Adoino as unissued “inventory replenishes” on the Tron (TRX) Network:
Since yesterday’s 150 Mln USDT minting, 15 transactions summing 185.9 Mln USDT are sent to exchanges along with Bitfinex, and Huobi, also as several “anonymous addresses.”
Almost 70% [126.9 Mln USDT] of the tokens sent out of the Treasury ended up getting to Binance.
The Tether Treasury wallet now holds only a bit over 280 Mln USDT. The last of the transactions occurred one hour after the 300 Mln USDT run was minted.
Tether issuance has been frequently linked with Bitcoin price rallies, although there’s a continuing “chicken and egg” debate over whether the issuance leads the rally, or is in response to demand.
As reported earlier in April this year, Tether minted 160 Mln USDT within Bitcoin’s price rally to $9,000 USD. It came one week after research was released that argued that USDT isn’t wont to manipulate Bitcoin’s price.
Tether’s market capitalization has grown by over 400% year-to-date to succeed in $15.9 Bln.a