Tether, the largest stablecoins issuer, has minted a whopping $2 billion in USDT through the Ethereum (ETH) network today. As a result, Tether and Circle have now issued more than $12 billion during the last one month.
According to on-chain data analysis from CryptoQuant, Binance’s net stablecoins inflow increased by $2 billion during the last 30 days. Meanwhile, OKX registered a net stablecoin inflow of over $800 million during the past 30 days, thus increasing its stablecoins liquidity to around $9 billion.
Today’s $2 billion USDT mint on Ethereum has coincided with the ongoing crypto correction. During the past 24 hours, Bitcoin (BTC) and Ethereum (ETH) led the wider crypto market in a mild retrace amid rising fear of further crypto correction.
According to on-chain data analysis, several large-cap altcoins have recorded low demand from retail and whale investors. However, Santiment noted that crypto prices often rebound when retail traders have exited the market due to notable accumulation from large institutions.
“Prices typically move the opposite direction of the crowd’s expectations. When small traders sell off their bags out of impatience and frustration, it is generally the key stakeholders who accumulate and drive up prices again,” Santiment noted.
The $2 billion fresh USDT mint on the Ethereum network has also coincided with the rising odds of Fed rate cut on September 17. Crypto traders have been anticipating a bullish rebound in the coming weeks, potentially a parabolic rally akin to the crypto summer of 2017.
CoinPedia has been delivering accurate and timely cryptocurrency and blockchain updates since 2017. All content is created by our expert panel of analysts and journalists, following strict Editorial Guidelines based on E-E-A-T (Experience, Expertise, Authoritativeness, Trustworthiness). Every article is fact-checked against reputable sources to ensure accuracy, transparency, and reliability. Our review policy guarantees unbiased evaluations when recommending exchanges, platforms, or tools. We strive to provide timely updates about everything crypto & blockchain, right from startups to industry majors.
All opinions and insights shared represent the author's own views on current market conditions. Please do your own research before making investment decisions. Neither the writer nor the publication assumes responsibility for your financial choices.
Sponsored content and affiliate links may appear on our site. Advertisements are marked clearly, and our editorial content remains entirely independent from our ad partners.
SPK price is back from the dead and it didn’t come quietly. After months of…
STABLE price after days of silence it just woke up again and not quietly. A…
XRP has one of the most passionate and, at times, most imaginative communities in crypto.…
The past week saw ETHGas and ether.fi sign a massive $3 billion deal to make Ethereum…
Something is shifting in how serious money thinks about digital assets. Juan Leon, Senior Investment…
In recent crypto news, Flare launched an FXRP/USDH market on Hyperliquid to improve its cross-chain…
