The Tether Treasury recently pumped $1.845 billion in $USDT into major crypto exchanges on Ethereum, further stimulating market activity.
The allocations included $1.706 billion to Binance, $101.7 million to Coinbase, $20 million to OKX, and $17.86 million to Kraken. This injection followed Tether Treasury minting 2 billion $USDT on Ethereum and burning 1 billion $USDT on Tron. According to Tether, these mintings were used for chain swaps, so the total $USDT supply remains unchanged.
Tether minted 2B $USDT on #Ethereum, which was used for chain swaps.
According to @Tether_to, the $USDT total supply has not changed.https://t.co/6d1Rrje6zr pic.twitter.com/L0jXGCQAQR
— Lookonchain (@lookonchain) November 6, 2024
Additionally, after the recent election, Tether injected another 728.6 million $USDT into the market, spreading the funds across top exchanges like Kraken, Coinbase, Binance, OKX, Bybit, and Cobocom. This fresh liquidity push contributed to a surge in trading activity, especially as crypto markets continue to gain momentum.
728.6M $USDT was injected into the crypto market after the election!
In the past 15 hours, 728.6M $USDT flowed from #TetherTreasury to #Kraken, #Coinbase, #Binance, #OKX, #Bybit and #Cobocom.https://t.co/6Ishw6rhG6 pic.twitter.com/i6yhGB4i68
— Lookonchain (@lookonchain) November 7, 2024
Over $500 Million USDT Injected Into The Market
In a recent report by Lookonchain, another significant injection of $565 million $USDT has been confirmed, further underscoring Tether’s influence in sustaining market liquidity.
Another 565M $USDT was injected into the crypto market!https://t.co/2lHDCfnpKw pic.twitter.com/oi3PzNI4gF
— Lookonchain (@lookonchain) November 8, 2024
Over the past year, Tether has issued a staggering 37 billion $USDT on both Ethereum and Tron networks, which has helped drive the price of Bitcoin to an all-time high of $76,200.
The Tether Treasury injected 1.845B $USDT to exchanges on Ethereum over the last 12 hours.
• $1.706B to Binance
• $101.7M to Coinbase
• $20M to OKX
• $17.86M to KrakenNotably, this injection follows Tether Treasury minting 2B $USDT on #Ethereum and burning 1B $USDT on #Tron… https://t.co/wtZXYCXxfc pic.twitter.com/SFUDo7b7tw
— Spot On Chain (@spotonchain) November 7, 2024
With these substantial USDT infusions and a record-breaking Bitcoin price, Tether Treasury’s activities highlight its critical role in maintaining liquidity across exchanges and supporting Bitcoin’s rally. Market watchers are keeping a close eye on the broader implications for the crypto sector, as Tether’s continued involvement in liquidity injections may shape future price trends across digital assets.
Disclosure: This is not trading or investment advice. Always do your research before buying any Metaverse crypto coins.