Stablecoin issuer Tether is issuing an additional $3 billion (about 41.985 trillion won) worth of USDT.
According to CoinTelegraph on the 24th (local time), Tether issued $2 billion worth of USDT on the Ethereum network and $1 billion worth of USDT on the Tron network on the 23rd.
Related Articles
The trading volume of stablecoins is used as an indicator to measure investors' interest in the virtual asset market. As investors purchase other virtual assets with stablecoins and cash them out, the demand for stablecoins tends to increase as virtual asset trading becomes more active. In addition, the issuance of new stablecoins and the increase in trading volume are interpreted as a precursor to the rise in virtual asset prices.
After the election victory of Donald Trump, the President-elect of the United States, BTC surged from around $69,000 to over $99,000, setting a new record high. Adam Back, a Bitcoin maximalist, predicted that "if a strategic BTC reserve fund is passed in the next Trump administration, the BTC price could soar to $1 million."
On the 19th, the President-elect Trump nominated Howard Lutnick, CEO of Cantor Fitzgerald, known as a virtual asset-friendly person, as the next U.S. Secretary of Commerce. Cantor Fitzgerald, led by Lutnick, is the company that manages Tether's U.S. Treasury reserves. After the announcement of the appointment, Cantor Fitzgerald revealed that it had acquired a 5% stake in Tether worth $600 million.
- Hae-yeon Kang, Reporter
- haeyeon41@rni.kr
< Copyright holder ⓒ Decenter, Unauthorized reproduction and redistribution prohibited >
