Tether Treasury (USDT) has minted nearly half a billion new USDT tokens in the last 36 hours and has distributed over 185 million tokens for exchange and other addresses.

As blockchain tracker Whale Alert shows, October 20 and 21 were marked by two transactions for 150 million and 300 million USDT tokens, respectively.

The first 150 million were printed hours before PayPal’s announcement and subsequent bitcoin (BTC) price increases.

While some have made the usual allegations of market manipulation in response to Whale Alert tweets, CTO Paolo Adoino has acknowledged Tether as an unreleased “rebuild” on the Tron (TRX) network:

Since that day $ 150 million was minted, 15 transactions totaling $ 185.9 million have been sent to exchanges including Bitfinex and Huobi, as well as many “unknown addresses”.

About 70% of tokens ($ 126.9 million) sent from the Treasury ended up in Binance.

Tether Treasury’s portfolio now stands at just over $ 280 million. The most recent transactions took place one hour after $ 300 million was minted.

The release of Tether has been linked to higher bitcoin prices on several occasions, although there is a chicken and egg debate about whether the problem is driving the rally or is it a reaction to demand.

In April, Tether hit $ 160 million during the bitcoin price hike to $ 9,000. This came a week after the publication of a study claiming that the USDT was not used to manipulate the price of bitcoins.

Tether’s market value has grown more than 400% since the beginning of the year, reaching $ 15.9 billion.

Source: CoinTelegraph