It’s been a pop-and-drop show for the broader cryptocurrency market after the Fed commentary on Wednesday, December 15. However, one area that needs to be closely watched is the tremendously rising supply of Tether’s USDT stablecoin.
Well, this is obvious looking at the way the crypto markets have corrected and the liquidations have happened. A large number of traders have liquidated their positions and are currently holding USDT in massive quantities.
As per on-chain data provider Santiment, the supply of USDT stablecoins on the exchange has touched a 6-month high. The data provider notes:
The ratio of Tether stablecoins on exchanges has risen to 22.5%, which is the highest level in over 6 months. This amount of supply converts to $8.99B, indicating a rising level of buying power accumulating on exchanges.
Courtesy: Santiment
Tether Issues $4 Billion Fresh USDT In a Month
Stablecoin issuer Tether has been quite aggressive in its USDT issuance this year. Just over the last month, T
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