Tether Mints 2 Billion USDT on Tron as XRP Hits 2 months Low
The post Tether Mints 2 Billion USDT on Tron as XRP Hits 2 months Low appeared on BitcoinEthereumNews.com. Tether’s USDT minting on Tron coincided with Bitcoin’s recovery above $101,570 after a sharp drop, sparking speculation of increased liquidity demand in the market. Its actions align with industry-wide adjustments prompted by the proposed GENIUS Act, which mandates strict reserve backing, audits, and operational transparency for stablecoins. Tether has minted 2 billion USDT on the Tron blockchain in two separate 1 billion transactions, which attracted new attention from crypto analysts and traders. This comes as Ripple’s XRP slumped to a 2-month low despite USDT rival RLUSD ramping up operations amid regulatory developments. Paulo Ardoino Opens Up On Tether’s 2 Billion USDT Minting According to the stablecoin issuer, freshly minted tokens are described as being “authorized but not issued.” Further, Pablo Ardoino, the CEO of Tether, noted that this USDT reserve will serve as an “inventory for next period issuance requests and chain swaps.” These transactions are not associated with active market release of the tokens, although market players are alert. Traders have interpreted this as a preparatory step for the market, potentially in anticipation of increased liquidity demand. Although it hasn’t resulted in a direct market action yet, the timing has overlapped with the Bitcoin price experiencing a notable rebound. The minting commenced after a recent Bitcoin price crash where the cryptocurrency plummeted below 100,000. However, BTC soon recovered and traded at $101,570.48 at press time on Monday, June 23. More than $1.1 billion of crypto liquidations were reversed through this rebound. Thus, analysts pay close attention to USDT issues, since historically it is associated with the rise in purchase pressure on Bitcoin and its price growth. BTC price’s return to six-figure territory was spurred by waning geopolitical concerns and renewed investor appetite. What’s Happening With XRP? The wider market is also getting a boost with a number of altcoins…
The post Tether Mints 2 Billion USDT on Tron as XRP Hits 2 months Low appeared on BitcoinEthereumNews.com.
Tether’s USDT minting on Tron coincided with Bitcoin’s recovery above $101,570 after a sharp drop, sparking speculation of increased liquidity demand in the market. Its actions align with industry-wide adjustments prompted by the proposed GENIUS Act, which mandates strict reserve backing, audits, and operational transparency for stablecoins. Tether has minted 2 billion USDT on the Tron blockchain in two separate 1 billion transactions, which attracted new attention from crypto analysts and traders. This comes as Ripple’s XRP slumped to a 2-month low despite USDT rival RLUSD ramping up operations amid regulatory developments. Paulo Ardoino Opens Up On Tether’s 2 Billion USDT Minting According to the stablecoin issuer, freshly minted tokens are described as being “authorized but not issued.” Further, Pablo Ardoino, the CEO of Tether, noted that this USDT reserve will serve as an “inventory for next period issuance requests and chain swaps.” These transactions are not associated with active market release of the tokens, although market players are alert. Traders have interpreted this as a preparatory step for the market, potentially in anticipation of increased liquidity demand. Although it hasn’t resulted in a direct market action yet, the timing has overlapped with the Bitcoin price experiencing a notable rebound. The minting commenced after a recent Bitcoin price crash where the cryptocurrency plummeted below 100,000. However, BTC soon recovered and traded at $101,570.48 at press time on Monday, June 23. More than $1.1 billion of crypto liquidations were reversed through this rebound. Thus, analysts pay close attention to USDT issues, since historically it is associated with the rise in purchase pressure on Bitcoin and its price growth. BTC price’s return to six-figure territory was spurred by waning geopolitical concerns and renewed investor appetite. What’s Happening With XRP? The wider market is also getting a boost with a number of altcoins…
What's Your Reaction?
