Fresh $1.42 Billion in USDT and USDC Mints Hit Crypto Market: What’s Next for Shiba Inu, ADA, MTAUR, and XRP?
The post Fresh $1.42 Billion in USDT and USDC Mints Hit Crypto Market: What’s Next for Shiba Inu, ADA, MTAUR, and XRP? appeared on BitcoinEthereumNews.com.
The last time Tether minted such a massive volume of stablecoin was in September, suggesting that this latest development is driven by rising interest among market participants. Meanwhile, Tether’s closest competitor, Circle, has also been minting USDC, though in smaller increments. Data from market tracker Whale Alert reveals that since October 29, Circle has minted $250 million in USDC across five transactions, following Tether’s $1 billion issuance. On Tuesday, Tether, the largest stablecoin issuer, minted 1 billion USDT in one transaction, closely aligning with Bitcoin’s rise toward its all-time high of $73,750. The Tether Treasury created the $1 billion USDT supply to replenish its inventory for future issuance and chain swaps. Notably, just before Tether’s transaction, Circle minted approximately $170 million in USDC. Altogether, about $1.42 billion in stablecoins has entered the crypto market over the past three days. What’s Next for Shiba Inu, ADA, MTAUR, and XRP This fresh massive USDT and USDC minting has sparked optimism within the crypto community, as stablecoin issuance often correlates with improved buying power. Many market participants interpret the minting as a potential signal for an upsurge across Bitcoin and altcoins. Historically, stablecoin issuance has coincided with bullish cycles, signaling demand for stable assets and potential buying interest in crypto markets. For instance, a $3 billion USDT issuance in the first week of March this year coincided with historic price surges for Shiba Inu (SHIB), Cardano (ADA), and XRP. Specifically, Shiba Inu reclaimed a three-year high of $0.00004524 in March amid the bull frenzy, reflected by the continuous issuance of stablecoins. Likewise, ADA and XRP set fresh yearly peaks during this period, with ADA reaching $0.801 and XRP attaining $0.742 by mid-March. However, SHIB, ADA, and XRP have since lost all these achievements. While the ongoing minting of stablecoins by Tether and USDC…
Filed under: News - @ November 1, 2024 11:26 pm