Following the recent printing of 250 million new Tether (USDT) tokens, 30% of all USDT tokens are at the moment flowing into the ethereum ecosystem.
The latest USDT printing is the first in a span of about a month, sufficient proof that the printing wallet is still operational. Total USDT supply is as a result currently equivalent to about $2.85 billion and is exacting a greater influence on the crypto market than ever before.
USDT trading in the crypto market has gone up to more than 22% since the printing. About 25% of all ETH trades at present are in USDT pairs. Its influence on EOS has however decreased substantially.
While in the past new USDT tokens usually find their way into Binance exchange, it is still unknown where the latest batch will end up. However, CoinBene currently ranks top on active USDT traders.
During the summer of 2017, USDT printings flowed into bitcoin trading and inflated BTC price substantially. In more recent times though, it has been spreading into altcoins and is possibly among the reasons for the upsurge in EOS.
Overall Market Effect
According to Coinmarketcap data, Tether has displaced TRON and taken the 10th spot on the list of top digital currencies by market capitalization.
USDT trading with ETH and other cryptocurrencies is very active with over $4.3 billion having been traded in the past 24-hours. This is almost as high as ETH trading volume which is $4.5 as at press time.
A recent audit report revealed that Tether might in fact have the US dollar equivalent of USDT tokens in circulation held in reserve, a matter that has for a long time been a subject of contention.
In view of the current bear market, efforts are being made to reduce prices instead of pumping them up. It remains to be seen whether the USDT printing will have a positive effect on the ethereum ecosystem and the market as a whole.