According to data from the analytics platform Lookonchain, Tether Treasury has ramped up its minting activities, recently issuing an additional 1 billion USDT. This move is part of a larger pattern, with Tether Treasury having minted a total of 2 billion USDT in a short period, fueling speculations about preparation for a potential bull run in the cryptocurrency market.
This significant increase in USDT supply is closely linked to the activities of a notable crypto whale, identified by the wallet address “0x1dBb“. Following the recent minting, this entity received 61 million USDT and has cumulatively acquired 1.336 billion USDT from Tether Treasury since October 20, 2023. The whale’s strategy of depositing these funds into various exchanges, such as Kraken and Coinbase, is seen as a bullish indicator by market analysts.
This pattern of activity echoes a similar event on November 22, when Tether Treasury’s minting of USDT was first reported by Whale Alert. Paolo Ardoino, CTO of Tether, commented on the purpose of these transactions, stating that they were “earmarked to support USDT liquidity” on Tron’s blockchain.
In the broader context, the cryptocurrency market has witnessed a surge in digital asset inflows this year, surpassing the levels seen in 2022. Prominent asset manager Coinshares reported a significant influx of money into cryptocurrencies since July 2022, indicating a renewed interest in crypto investment products. This trend is further evidenced by the increase in USDT’s market cap, which has reached $88.9 billion, marking a rise of over $20 billion since the start of 2023.
Additionally, the market is buoyed by expectations of regulatory developments, particularly the potential approval of a Bitcoin ETF by the SEC. Such an approval is expected to have a substantial impact on the Bitcoin market, potentially attracting significant investment.
As previously reported by CryptoTale, Tether’s resurgence in the stablecoin market is underscored by the transfer of 3.54% of its total supply to cryptocurrency exchanges between August 19 and October 16, contributing to a significant crypto rally. With a market cap of $88 billion and 88.9 billion in circulation, Tether’s market dominance is evident. This growth is supported by its strategic presence on multiple blockchains, including 48 billion USDT on Tron and 40 billion on Ethereum.