Tether Mints $1 Billion in USDT, Paving the Way for Bitcoin to Hit $80,000

BTC

$68,351.99

+0.84%

Tether‘s USDT, the world’s largest stablecoin, has minted another $1 billion, raising its market capitalization to over $110 billion.

This could potentially drive Bitcoin to new all-time highs.

In the past 24 hours, Tether’s treasury minted $1 billion worth of USDT, bringing its annual total to $31 billion.

According to a May 17 post from Lookonchain, this significant minting contributed to Bitcoin’s price rise from $27,000 to $73,000.

Tether is also directly investing in Bitcoin.

The company plans to invest 15% of its net profit in Bitcoin to diversify its stablecoin’s backing assets.

As of March 31, Tether had acquired 8,888 BTC worth $618 million, making it the seventh-largest Bitcoin holder globally, per Bitinfocharts.

Currently, Tether’s wallet holds over 78,317 BTC, valued at more than $5.18 billion, one year after announcing its diversification plan.

Bitcoin’s price movements are also influenced by institutional investments in spot Bitcoin exchange-traded funds (ETFs).

According to Dune, U.S. Bitcoin ETFs have seen over $200 million in net inflows over the past two weeks.

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These institutional inflows have been crucial to Bitcoin’s current rally to new all-time highs.

By February 15, Bitcoin ETFs accounted for about 75% of new investments in Bitcoin as it crossed the $50,000 mark.

On May 16, Bitcoin’s price confirmed a breakout on the daily chart, with $65,000 acting as strong support, according to TradingView.

Crypto analyst Rekt Capital noted in a May 16 X post that Bitcoin had turned its old resistance into support on the monthly chart, indicating a bullish trend.

However, Bitcoin might still experience a temporary correction to below $63,500 before reclaiming the $70,000 psychological mark.

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