Tether Injects Almost $2 Billion in the Crypto Market

Top stablecoin issuer Tether recently released an influx of 1.845 billion USDT on the Ethereum blockchain, possibly fueling Bitcoin’s sharp price increase to a new all-time high.

Spot On Chain, a blockchain analytics platform, reported on social media that Tether initially minted 2 billion USDT on Ethereum before removing 1 billion USDT from circulation on the Tron network, a blockchain designed for decentralized apps.

The breakdown of Tether’s recent USDT injections includes $1.706 billion sent to Binance, $101.7 million to Coinbase, $20 million to OKX, and $17.86 million to Kraken. In the last year, Tether has issued around $37 billion USDT across Ethereum and Tron, which seems to have influenced Bitcoin’s price, lifting it from $35.6K to its new high of $76,460.

Tether’s Impact on Bitcoin Spot On Chain previously noted that large USDT issuances often correlate with upward momentum or stability in Bitcoin’s price, suggesting Tether’s recent moves contributed to Bitcoin’s 9% price surge on November 6.

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According to CoinMarketCap, Bitcoin is now trading at $75,000, with a $1.485 trillion market cap and a 24-hour trading volume of $74 billion.

Alexander Stefanov

With over 8 years of experience in the cryptocurrency and blockchain industry, Alexander is a seasoned content creator and market analyst dedicated to making digital assets more accessible and understandable. He specializes in breaking down complex crypto trends, analyzing market movements, and producing insightful content aimed at educating both newcomers and seasoned investors. Alexander has built a reputation for delivering timely and accurate analysis, while keeping a close eye on regulatory developments, emerging technologies, and macroeconomic trends that shape the future of digital finance. His work is rooted in a passion for innovation and a firm belief that widespread education is key to accelerating global crypto adoption.