Although some raised the usual allegations of market manipulation in response to Whale Alert’s tweets, both transactions were acknowledged by Tether CTO Paolo Adoino as unissued “inventory replenishes” on the Tron (TRX) Network: Since yesterday’s 150 million USDT minting, 15 transactions totaling 185.9 million USDT have been sent to exchanges including Bitfinex, and Huobi, as well as several “unknown addresses.” Almost 70% (126.9 million USDT) of the tokens sent out of the Treasury ended up going to Binance.
Tether issuance has been frequently linked with Bitcoin price rallies, although there is a constant “chicken and egg” debate over whether the issuance leads the rally, or is in response to demand. In April this year, Tether minted 160 million USDT during Bitcoin’s price rally to $9,000. It came one week after research was released that argued that USDT isn’t used to manipulate Bitcoin’s price. Tether’s market cap has grown by more than 400% year-to-date to reach $15.9 billion.