Stablecoin issuer Tether has made significant USDT transfers to centralized exchanges, indicating rising demand for cryptocurrencies.
Massive USDT Transfers to Exchanges
In the past 24 hours, Tether has transferred 1.25 billion USDT from its treasury to centralized exchanges like Kraken and Bitfinex. These actions are attributed to increasing demand for cryptocurrencies following a recent rise in digital asset prices.
USDT Minting Surge and Market Impact
Recent Tether transactions include the minting of 2 billion USDT reported by Lookonchain, causing BTC to reach a record high of $89,500 on November 10th. On November 11th, Tether minted another 2 billion USDT, which was also transferred to exchanges. A separate mint on the Ethereum network was conducted for inventory replenishment, ensuring no change in overall USDT supply during swaps.
TRON Leads in USDT Issuance
According to Tether, most USDT issuance occurs on the TRON network, with 61.7 billion dollars authorized and 60 billion in circulation on Ethereum. Tether also introduced a Wallet Development Kit providing users with tools to integrate non-custodial wallets into applications.
These developments underscore the ongoing growth in demand for cryptocurrencies and stablecoins. Tether's actions in transferring and minting large amounts of USDT indicate the expanding crypto economy.
