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.
$2B USDT Fresh Supply Coincide With Crypto Correction
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.
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