The Tether Treasury continues to print new tether (USDT) and exchanges make eager use of this. They now have more USDT than ever before.

If you look at the statistics, crypto exchanges have never had such a large stock of USDT. The demand started at the beginning of this year and has only continued to grow. Interestingly, the drastic drop in the bitcoin price two weeks ago did not affect the number of USDT on the exchanges.

According to Glassnode (@glassnodealerts) there was 1.282.118.378 USDT on the exchanges on 25 March. The previous record high was on 21 March, but keep in mind that growth has been explosive lately, as can be seen in the chart below:

📈 $USDT Balance on Exchanges (1d MA) just reached an ATH of 1,282,118,378.835 USDT



Previous ATH of 1,279,532,697.855 USDT was observed on 21 March 2020



View metric:https://t.co/Hpeb0LFt3p pic.twitter.com/UrBhNlTG3Q — glassnode alerts (@glassnodealerts) March 25, 2020

In the past week the Tether Treasury has been creating USDT in record numbers almost every day. For example, the largest stablecoin in the world spent 180 million USDT last Tuesday. It seems that a large part of the new USDT being issued is going directly to exchanges.

USDT

What if you’re thinking, tether and USDT? What’s this about? Tether Treasury is a company that releases a cryptocurrency. Their currency is called tether and abbreviated to USDT. The first three letters stand for US dollars and the T stands for tether. The value of tether is always equal to one dollar. Because the exchange rate is stablecoins are called stablecoins. For every issued USDT the Tether Treasury would have one dollar in custody.