Tether mints over a billion dollars’ worth of USDT
- 16th September 2020
- Posted by: Hakeem
- Category: CryptoCurrency
Tether, the world’s most valuable stable coin by market capitalization, has been gaining a lot of traction lately. The latest development is that Tether treasury minted a billion USDT to unknown wallets, worth over a billion dollars in less than 24 hours, as seen on Whale Alert, an advanced blockchain tracker, and analytics system.
At the time this report was written, Tether traded at $1.00 with a daily trading volume of $39 Billion dollars. USDT price is up 0.1% in the last 24 hours. It has a circulating supply of 15 Billion coins and a max supply of 10.2 Billion coins.
Tether is currently second only to Ethereum (ETH) as the most valuable altcoin in the cryptocurrency market.
What you need to know: Tether is designed as a blockchain-based cryptocurrency whose digital coins in circulation are backed by the same value of traditional fiat currencies, like the U.S dollar, Japanese Yen, or the Euro. It trades under the ticker symbol USDT.
What are Stablecoins?: Stablecoins are cryptocurrencies created to minimize the price swings that occur in a crypto asset. They are usually pegged to fiat currencies and often exchange-traded commodities.
Global Investors and traders are using it to give their investment portfolios exposure to the US Dollar during these times when uncertainty is high as a result of the worst pandemic (COVID-19) known to man.