Tether, the world's largest stablecoin issuer, has flooded the market with money following the US elections.
According to data provided by on-chain analytics platform Spot On Chain, the Tether Treasury transferred a total of $1.845 billion worth of USDT to various cryptocurrency exchanges via the Ethereum network on November 7.
According to the distribution of these transfers, it was reported that $1.706 billion was sent to the Binance exchange, $101.7 million to Coinbase, $20 million to OKX and $17.86 million to Kraken.
It is stated that this large injection took place after the Tether Treasury printed $2 billion worth of USDT on the Ethereum network and burned $1 billion worth of USDT on the Tron network the day before.
Over the past year, Tether, Ethereum and Tron have supplied a total of $37 billion worth of USDT across their networks. This supply is said to have contributed to the rise in Bitcoin prices by increasing liquidity in the cryptocurrency market.
It was noted that Bitcoin reached a new all-time high by reaching $76,200 in line with these developments.
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