According to data from Omni Explorer, the Tether Treasury issued 50 million USDT on Saturday, representing an influx of $50 million into the cryptocurrency market. These new tokens, according to the Tether Rich List, were transferred to Bitfinex, representing the third time in this month alone that Tether has sent $50 million in USDT to that exchange.
Tether now has a circulating market cap of just over $2.5 billion, according to self-reported data listed on the company’s “Transparency” page. This data also indicates that Tether is holding approximately $500 million in reserve, funds which have been authorized for issuance but not yet distributed.
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USDT ‘Transparency’ Data
According to CoinMarketCap, Tether’s market cap peaked at $2.7 billion in late July but declined below $2.4 billion in early August, presumably because a large USDT holder such as an exchange redeemed a block of tokens for the underlying USD backing them.
Even so, there are approximately 2.2 billion more tethers in circulation than there were at this point last year when USDT had a market cap of just $320 million. USDT is also the second-most traded cryptocurrency, ranking behind only bitcoin.
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