Tether, the issuer of the USDT stablecoin, has not released new tokens to the market for almost two months. However, since the beginning of August, 2.3 billion USDT has already been issued.
As a representative of Tether told CoinDesk, an additional 2.3 billion USDT has been issued since August 1. The letter does not say on which blockchains the new tokens appeared. Now the capitalization of the stablecoin market leader has reached $ 65 billion.
In June and July, the capitalization of USDT was maintained at around $ 62 billion. Analysts believe that the pause in the release of new tokens is associated with a decline in the cryptocurrency market amid bans in China on Bitcoin mining. Now, when the BTC rate again briefly returned above $ 50,000, new money has flowed into the market and there is a need for additional USDT.
“We see increased trading activity across all businesses supporting Tether tokens,” a company spokesman wrote.
We are talking about trading volumes not so much with bitcoin as with altcoins. Noelle Acheson, head of the market analysis department of the broker Genesis Global Trading, noted that the trading volumes with SOL and LUNA coins have significantly increased recently. And the main trading pair for these cryptocurrencies remains the pair with USDT. Bitcoin trading volumes have not changed too much so far.
In early August, auditing firm Moore Cayman reported that about 85% of USDT is backed by traditional currencies and liabilities in them.
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