The Treasury ofIt has increased its emissions in the past month. Over $ 1 billion has been spent in the past 25 days.
The amount of USDT in circulation has experienced an unprecedented increase since the beginning of the COVID 19 crisis. On average, tens of millions of USDT dollars were spent every day.
USDT 40 million spent per day
The cryptocurrency market often speaks of the Federal Reserve. When BeInCrypto summarized the numbers on March 28, it found the Federal Reserve printed $ 60 million every minute. When we compare it to the Tether Treasury question, it fades in comparison. Still, Tether has been overprinting his own money lately.
According to Tether’s transparency report, assets in USDT are now $ 7.1 billion. That number has more than increased $ 40 million a day during the past 25 days.
The flood of USDT that has entered the market has even resulted in some USDT premiums trading. Since early this year, USDT’s market cap has increased 56%. Outside the cryptocurrency market, the tether (USDT) is now over 3%.
A growing demand?
The exchange was the main catalyst for the rise in USDT. The stock markets have held the USDT in record amounts since the end of March, indicating high demand. As you may recall, Binance struggled to keep up with traders last February and was long suffering from a USDT shortage at the time.
On April 19, USDT balances on the stock exchanges were $ 1.6 trillion. Some analysts have raised concerns that centralized exchanges have so much tether, which may be impractical.
Despite this expected “increase” in demand, the overall trading volume has not increased significantly. However, some exchanges such as Binance saw an increase in futures trading volume. It is not clear whether the exchanges holding so much USDT can be the “new normal” or whether this is simply due to today’s unique economic situation.
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