- USDT issuer Tether recently minted stablecoins valued at over $1 billion.
- Tether CEO said the minted tokens replenished the USDT inventory on the Tron Network.
- Tether’s move sparked speculation that Bitcoin would reach $72K soon.
Crypto community members have become more bullish about Bitcoin reaching an all-time high amid the staggering value of stablecoins minted from USDT issuer Tether.
Within the last 24 hours, 1,000,000,000 USDT stablecoin valued at over a billion dollars was minted at Tether Treasury. Whale Alert called attention to this development in a recent post on X.
Whale Alert’s update garnered significant attention, with hundreds of thousands of views within 10 hours of posting. To prevent misunderstandings regarding the purpose of minting one billion USDT, Paolo Ardoino, CEO of Tether, intervened to provide clarification.
Ardoino explained that the minted tokens are intended to replenish the USDt inventory on the Tron Network. Moreover, he noted that while the transaction has been authorized, it has yet to be issued. The Tether elaborated that it implies that the amount will be reserved for upcoming issuance requests and chain swaps.
Meanwhile, community members reacted to the update and recognized it as a bullish development. A crypto researcher remarked that the minted one billion USDT implies Bitcoin is set for the $72K target. Podcaster Tony Edward expressed a similar sentiment by sharing a GIF suggesting BTC is set for more astronomic gains.
Notably, CoinMarketCap data shows Bitcoin nearly broke its 2021 all-time high within the last 24 hours, with a 6% rally to reach a high of $68,785. Interestingly, per CoinMarketCap statistics, Bitcoin’s 2021 ATH is $68,789.63, which implies the asset was merely $3.68 from shattering the record.
Following Bitcoin’s brief retracement, the leading asset trades at $67,210, with a valuation exceeding $1.3 trillion.
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