The largest stablecoin issuer Tether has moved millions of dollars worth of USDT on the Ethereum blockchain.
According to on-chain analysis platform Lookonchain, Tether moved 318 million USDT on the Ethereum network on April 18th.
Some of these assets were transferred to exchanges through market maker Cumberland, while some were moved directly from the Tether treasury to exchanges.
Exchanges such as Coinbase, Kraken, and Bitfinex had hot wallets targeted by the USDT assets. After the transfer transactions, 124 million USDT remained in the Tether treasury on the Ethereum network.
Lookonchain predicted that Tether could mint 1 billion USDT on the Ethereum blockchain in a short time. Increasing USDT minting could be a tool for accelerating purchases and moving the price upwards, as it means new dollars entering the market.
