Tether prints $100 million in USDT... again: Will Bitcoin pump?

04 Jul, 2019 | Updated: 04 Jul, 2019
by Will Heasman
News
Tether prints $100 million in USDT... again: Will Bitcoin pump?

Once again the crypto vigil known as whale alert has highlighted that Tether, the company behind the USDT stablecoin, has printed yet another 100 million tokens, amounting to (you guessed it) $100 million, will this cause Bitcoin to pump?

According to Whale Alert the tether treasury printed the 100 million USDT earlier today:

As typical when Tether prints such a large amount of USDT, users responded with expectation of an incoming pump:

 Along with the usual calls to ‘pump the market,’ Paolo Ardoino, CTO of Tether and it’s sister company, Bitfinex, also replied, relaying that an explanation for newly minted USDT was a swap from the Omni blockchain to the Ethereum network due to increased demand from users.

This is the third such time that Tether has printed such a large amount of USDT in recent months and it's perhaps understandable why people believe that a pump may be due for Bitcoin thanks to this latest minting.

Typically, the more people buy Tether, the more gets issued. Meaning that speculation of a pump (with investors looking to shift USDT into BTC or alts) could come to fruition.

Interestingly, View base a blockchain analytics firm – recently credited stablecoins with Bitcoins rampant rise above $10k. The firm relayed that after Bitcoin breached $10k an inflow of stablecoins (including USDT) was witnessed flooding into exchanges.

Whether we’ll see the same again, only time will tell.

What do you think? Will this latest batch of USDT pump the market? Let us know your thoughts in the comments below!

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