USDT worth millions minted at the Tether treasury.
The demand for the stablecoins is most probably found in the growing DeFi space
With the large influx, Tether gained the third spot overtaking XRP
Tether- The Third Largest Crypto
Tether, the leading stablecoin in the terms of market capitalization has jumped to the third spot in cryptocurrency ranking list. The growing demand for the token is probably due to the swelling DeFi space.
Tether(USDT) is priced at $1 at the press time with a gain of 0.09 percent in the last 24 hours. The circulating supply of USDT is close to 15 billion coins with a market cap nearing $15 billion.
Mega Influx of USDT and USDC Expected
The treasury of the stablecoins, USDC and Tether have minted a huge number of tokens worth in millions in the last 24 hours. According to a crypto transaction provider Whale Alert, nearly 1.2 billion tokens worth $1.2 billion has been minted in the tether treasury. And about $60 million USDC coins are flushed out of the USDC treasury.
Therefore a large inflow of the stablecoin in the ecosystem may have a larger impact in terms of market capitalization. The stablecoin works on eight blockchain like Tron, Solana, EOS, etc to reduce the load on the Ethereum network. It would be interesting to watch the platform these new tokens would work on.
However, the most preferred ecosystem for the traders has been the Ethereum blockchain. The large influx could probably result in surging gas fees yet again.
Will BTC and ETH Pump?
As Coinpedia earlier reported the correlation between USDT and BTC, the large in pour of the stablecoin is due to the increase in demand. In fact, with the dump of BTC, the demand increases. Therefore, the large influx of USDT could probably pump the crypto price especially BTC.
The crypto masses are looking forward to an uptrend in the crypto space and expecting the popular crypto assets to surge after this move. However, the outcome of the large influx can be witnessed in the coming days.