$300 Mln Tether Mint Turns Out to Be Part of Swap

Libra Coin News
Thu, 09/12/2019 - 14:41
Alex Dovbnya
Unfortunately for Bitcoin bulls with tinfoil hats, Tether didn’t inject any freshly printed USDT into the market
Cover image via www.123rf.com

As revealed by Whale Alert, the website that keeps a close eye on huge crypto transactions, Tether minted a whopping $300 mln worth of USDT. The tweet provoked a knee-jerk suggestion that the Bitcoin price would inevitably pump with freshly injected USDT.

There is a pervasive conspiracy theory that Tether prints might be responsible for pushing the price of Bitcoin, and many suspected that this $300 mln mint could send the BTC price through the roof.

It’s Official: Tether Launches Yuan-Backed Stablecoin

However, later, Whale Alert clarified that the latest issuance was simply a chain swap (from Omnichain to Ethereum ERC-20).

Tether, the flagship stablecoin issuer, now uses relies on different platforms, such as Tron and EOS. Bloomberg reported that it could move to more obscure Blockchains in order to obfuscate its transactions.

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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