With the buzzing news regarding new crypto startup Tether managing to issue $250 million in new tokens on 25th June, many analysts has predicted that bitcoin rally may continue for few days.
As per Blockchain data Tether, the creator of the cryptocurrency ‘stablecoin’ (USDT or Tether) has issued 250 million new tokens at a value of $1 each. This ‘stablecoin’ has been designed to solve the difficulties in obtaining the banking relationships necessary to hold fiat currency on behalf of the customers.
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Issuance of these new tokens by Tether indicates the flow of new capital into the cryptocurrency markets. The release of these tokens may result in the bullish behaviour of bitcoin price thereby also influencing wider cryptocurrency market.
As per the report released by legal firm last week though not a full audit, indicates that USDT was fully-backed by physical dollars stored in Tether bank accounts, as of June 1.
As of now, the token has a circulating market cap of more than $2.6 billion because of which it has emerged as the 11th largest cryptocurrency and gained popularity.