Bitcoin Price Eyes Comeback as 250 Million New Tethers Enter Circulation

Cryptocurrency startup Tether issued $250 million in new tokens on Monday, sparking speculation that a bitcoin price rally could be inbound.

Blockchain data indicates that Tether the creator of cryptocurrency “stablecoin” USDT (colloquially called tether), issued 250 million new tokens this morning, June 25.

USDT which is pegged to USD at a 1-to-1 ratio serves as a proxy for physical dollars on many crypto currency exchanges, owing to the fact that many trading platforms have difficulty obtaining the banking relationships necessary to hold fiat currency on behalf of customers. Over the past 24 hours, tether’s $4.2 billion in trading volume was second-highest among all crypto currencies, ranking behind only bitcoin.