Looks like Tether (USDT is showing incredibly bullish signs at the moment. Over the last month, Tether minted $6 billion USDT. Out of this, $3 billion USDT was minted just in the past week alone.
Read CRYPTONEWSLAND onThis bullish sign was highlighted by a Reddit user on the CryptoCurrency thread on Reddit. The Redditor says that this is a good sign for a possibly bullish season. He says Tether has minted $6 billion USDT in less than a month, making this the fastest mint rate for the stablecoin.
Given the latest FUD and skepticism around stablecoins at the moment, many may not see this for the bullish sign that it is. Thus, the Redditor goes into detail to explain the situation further for other readers.
He says some may speculate if this is fraudulent activity by Tether, but regardless of past accusations, Tether has become more transparent, compliant with regulation, properly backed, and trustworthy overall.
He adds that the large amount of funds minted by Tether should be seen as a bullish sign. To highlight, he says that this is because it indicates a surge in demand for crypto in general. Tether is still one of the most popular stablecoins in the market, and arguably the most reliable.
The Redditor goes on to express how Tether would only mint such a large amount of funds if there was demand for it. After all, with stablecoins underpinning almost all crypto trading pairs, any change in the market would be reflected in Tether’s statistics and on-chain data. Ultimately, it confirms the existence of much more crypto demand.
He concludes by saying that it is uncertain whether this new money will cause price appreciation in non-stablecoin crypto tokens. It is also uncertain whether buyers are simply looking to lock their money away in a dollar-pegged asset.
However, the Redditor says that it is highly likely that a significant portion of this money will eventually make its way into non-stablecoins and Bitcoin. The bottom line is that eventually, traders will become more comfortable with trading in crypto, leading to a bright future.
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