Tether Mints 1 Billion of USDT on Ethereum, Tradecurve Price…
Tether, the issuer of USDT, the world’s largest stablecoin, has minted the second 1 billion token on the Ethereum blockchain in less than two months.
The stablecoin issuer has said that the new mint is part of its “inventory replenish” program to ensure stablecoin liquidity across all chains. In other crypto developments, Tradecurve has been building momentum as investors flock to the new trading platform that has the potential to rekindle interest in the DeFi space.
Tether Mints Additional 1 Billion USDT
Tether’s treasury has announced the minting of 1 billion USDT tokens on the Ethereum blockchain just two months after a separate 1 billion USDT token was minted. So far in 2023, the stablecoin issuer has now minted over $16 billion worth of USDT tokens. Tether remains the most dominant USD-pegged stablecoin with a market cap of $83 billion.
Announcing the latest mint, Tether’s CTO Paolo Ardoino, explained that the tokens were minted for chain swap and not due to a rising interest in the purchase of digital assets. Chain swap refers to the process of sending digital assets (in this case USDT) from one blockchain network to another – bridging assets across multiple blockchains.
After the mint, on-chain data showed that Tether’s Treasury sent $750 million worth of USDT in a chain swap transaction to Binance. According to Arkham Intelligence, the popular blockchain analytical firm, the Tether Treasury sent the funds in three separate batches of $250 million transactions after an initial $10 test transaction.
The analytical firm later reported that of the $1 billion new tokens minted, only $146 million remains on the Ethereum blockchain as the others have been swapped for USDT on other chains.
Tradecurve (TCRV) Price Set to Hit $0.018
Along with the increasing dominance of Tether in the stablecoin sectors, Tradecurve has enjoyed increasing attention in the decentralized finance (DeFi) space. Tradecurve is building the first DeFi platform where its users will have the opportunity to trade both cryptocurrencies and derivatives (like stocks, forex, options, and commodities) from a single account.
Experts are bullish that the price of Tradecurve (TCRV) could easily jump above its current $0.018 price because of the magnitude of the derivatives markets. The Bank for International Settlements reports that in June 2022, the over-the-counter (OTC) derivatives market rose to $632 trillion.
The bullish predictions for the price of Tradecurve come from the platform’s potential to connect the crypto market with the global derivatives market.
Experts believe the Tradecurve platform could rekindle interest in the DeFi space as crypto traders would no longer need to open more than one account to trade global financial instruments. As more traders enter into the Tradecurve ecosystem, experts predict that the price of TCRV could jump from $0.018 to as high as $1.5 by the end of 2023.
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