Unknown identity moves $117 million worth of Ethereum

Tether, the most valuable stable coin by market value, has become a household name in the fast-changing crypto market.

The latest development is that Tether treasury minted a whopping 150 million USDT few hours ago, as seen on Whale Alert, an advanced blockchain tracker, and analytic firm.

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  • At the time of writing, Tether traded at $0.998751 with a daily trading volume of $32,803,456,834.
  • USDT price is down -0.1% in the last 24 hours. It has a circulating supply of 18 Billion coins.

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.

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A Bloomberg report stated that the momentum, with the help of the U.S dollar, was expected to make Tether gain and move to the second spot.

Absent an unlikely reversal in predominant crypto trends, it should be a matter of time until Tether passes Ethereum to take the No. 2 spots in total assets behind Bitcoin.

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“Receiving help from widespread adoption with a workable case as a proxy for the world’s reserve currency, there seems little to stop the increasing adoption of the dollar-linked stable coin,” the report stated.

What you should know

Nairametrics had earlier outlined a report on the organic growth of Tether’s market capitalization, as one of the major reasons for the gain Bitcoin (BTC) is presently having in the mid-term. Interest in digital links to the dollar represents the need to handle and store value in the world’s reserve currency, without an intermediary.