The Tether company has reportedly minted $1 billion worth of USDT on the Tron Network. After the publication of the whale warning, it was discovered that 166 million USDT had been moved from the Tether treasury to the Binance exchange.
Initially, a whale alert tweet revealed that 99,455,988 USDT, equivalent to 99,626,057 USD, had been moved from the tether treasury to the Binance cryptocurrency market. Afterwards, it stated that 66,933,166 USDT had been moved from tether treasury to Binance, equivalent to 66,953,246 USD.
This is coming after the company minted billions of USDT over the previous week. Tether has created an additional $4 billion worth of USDT over the last week.
The stablecoin’s mintings have occurred even though the stablecoin industry is seeing rising levels of competition. Tether is trying to lure investors away from other stable cryptocurrencies and towards itself.
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