Tether (USDT) made another large printing of 250 million tokens, the first in about a month - showing that the printing wallet is not closed, after all. This brings the USDT supply to more than $2.85 billion’s equivalent, affecting the market more and more.
After the latest printing, the share of USDT trading on the market climbed to more than 22%. Of all USDT trading, about 30% of the tokens are currently flowing into Ethereum (ETH), with lessened influence on EOS. A total of 25% of all ETH trades are in pairs with USDT.
At the moment, it is unknown where the new USDT would spread. Usually, the tokens land on Binance, but CoinBene is the most active USDT trader right now, and OKEx also holds a vast USDT wallet. In the summer of 2017, printings of Tether flowed directly into Bitcoin trading, notably inflating the price. But now, the assets spread to altcoins, and may have been one of the reasons behind the climb in EOS, as well as other tokens.
Due to the loss of price positions, the USDT digital asset is now in the top 10 of coins on CoinMarketCap, displacing TRON (TRX). USDT trading is also extremely active, above the equivalent of $4 billion in 24 hours.
A recent report showed that the Tether company may indeed have the funds, at least for the supply of 2.5 billion tokens. However, it is unknown if this supply of dollars in a bank account has preceded the printing of Tethers, or if it has been accrued over time through trading.
During the current bear market, some believe there is a concerted aim to lower prices, instead of just pump them to exorbitant levels.
Since the last printing in May, prices had several weekly shakedowns, pushing BTC even below $6,000. But despite the skepticism, the new printing of USDT is giving hopes of another revival of crypto markets.