Tether (USDT) one of the leading cryptocurrency has recently added $60 million to its inventory. It also came out that Tether Limited is all set to issue more USDT very soon.
Paolo Ardoino, CTO of both Bitfinex and Tether has said that the recent transaction made by the firm is authorized but should not be considered as issued one. The next issuance request will be fulfilled by this added amount in inventory.
If we see the total liability of Tether then it has increased to over $6.43 billion. Through several reports it also came out that the total supply of the Tether or USDT was recorded at $6.19 billion. Since then, the company has been very active and it has also raised its supply by $240 million.
According to Nic Carter, founder of the Coin-metrics, March 2020 has proved to be the best month for stablecoins till date. It has been seen that stablecoins has secured around $2 billion in this particular month only. Although, the non-tether stablecoins has seen a growth of total $500 million.
He also said that if we see this all together then Binance dollar, Tether and USDC have emerged as the big winners.
There is a huge slowdown in the market due to the market crash. All the traders are under fear of a huge downtrend because of this slowdown.
Even though there is a huge slowdown, it is quite clear that stablecoins don't seem to have an effect on them and are pointing towards a bright future. This sudden rise in the supply was also seen in May 2019 when USDT went up to $3.28 billion which was earlier at $2.56 billion. This huge rise in USDT happened within a month.
The QE program by different countries against coronavirus could also be seen as a major point in increasing USD stablecoins.
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