Approximately three hours ago, the Tether Treasury minted 1 billion USDT on the Ethereum network.
This minting activity comes just before the highly anticipated Federal Reserve interest rate cut, scheduled for September 17-18.
Over the past year, the Tether Treasury has issued a staggering 35 billion USDT, playing a key role in Bitcoin’s price surge from $26.6K to over $73K in March.
Historically, large USDT mintings have been linked to Bitcoin price increases or periods of price stabilization.
The #TetherTreasury minted 1B $USDT on #Ethereum ~3 hours ago.
Notably, this minting comes just ahead of the expected interest rate cut by FED on Sep 17-18.
Overall, in the past year, the Tether Treasury has issued a total of 35B $USDT, contributing to the rise of the #Bitcoin… pic.twitter.com/TYH4gtJRni
— Spot On Chain (@spotonchain) September 16, 2024
Massie Capital Inflows In The Stablecoin
Between September 9 and 14, 2024, the stablecoin market saw significant capital inflows, which may once again influence Bitcoin’s price. Here’s a breakdown of the latest stablecoin market capitalization growth:
– USDT Market Capitalization Growth: Net increase of $410 million. – USDC Market Capitalization Growth: Net increase of $743 million. – Total Stablecoin Capitalization (USDT + USDC): Combined net increase of $1.153 billion.
Stablecoin Market Capitalization and Bitcoin Price Correlation (September 9 – 14, 2024)
💵 USDT Market Capitalization Growth:Net Capitalization Increase: +$410M
💶 USDC Market Capitalization Growth:Net Capitalization Increase: +$743M
💰 Total Stablecoin Capitalization (USDT… pic.twitter.com/sASuTgey2H
— IT Tech (@IT_Tech_PL) September 16, 2024
Since September 9, the combined market cap growth of USDT and USDC reflects a steady inflow of capital into the crypto space. While these inflows are smaller compared to the previous week’s more robust figures, they still suggest fresh capital entering the market, which could support Bitcoin price movements in the coming days.
With the upcoming FED rate decision, many market observers will be watching closely to see if this capital injection will once again lead to Bitcoin price appreciation, in line with past trends following large USDT mintings.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
Follow us on Twitter @themerklehash to stay updated with the latest Crypto, NFT, AI, Cybersecurity, and Metaverse news!
Image Source: aleksandrasova/123RF // Image Effects by Colorcinch
The post Tether Treasury Mints $1B USDT On Ethereum Ahead Of Anticipated FED Rate Cut appeared first on The Merkle News.