Tether managed to issue up to 4 billion USDT
The dollar-backed cryptocurrency had an important milestone, positioning it as one of the best stablecoins
Over the past four weeks, stablecoin issuing giant Tether has minted an impressive total of 4 billion USDT tokens, further consolidating its leading position in the market.
The Tron blockchain hosted the most recent issuance of Tether, with 1 billion USDT created on November 10, according to data provided by Whale Alert. This latest action follows the issuance of 1 billion USDT on Ethereum on November 9, as well as the 2 billion issued in two batches on Tron on November 3 and October 19.
Paolo Ardoino, CTO and new CEO of Tether, commented on the Whale Alert data on X, highlighting that the 1 billion USDT transaction on the Tron network was a “USDT inventory replenishment.” He clarified that this amount will be used as inventory for issuance requests in the next period and on-chain exchanges.
These new USDT issued represent a substantial portion of the total 22.75 billion USDT that Tether plans to mint in 2023, according to data from Whale Alert. Of the total, 57% (13 billion) have been issued on the Tron blockchain, while the remaining 9.75 billion have been launched on the Ethereum blockchain.
Throughout the year, Tether has been actively involved in minting new stablecoins. In March 2023, the company issued 9 billion USDT, adding to the 3 billion minted the previous month. Significant emissions between June 12 and July 12 also stand out, where 3.75 billion USDT were created.
In addition to minting new coins, Tether has carried out USDT burns. In August, 1.2 billion USDT was burned on the Tron blockchain, following previous burns of 3.1 billion in June and 2 billion in February, both on Tron and Ethereum respectively.
The crypto community has reacted quickly to these latest USDT issuances, recalling past events where aggressive Tether issuances coincided with significant banking events. Although some speculate about possible connections, Tether has categorically denied any relationship with banks such as Silicon Valley Bank, Silvergate, and Signature Bank.
In addition to the active issuance of new coins, Tether is working on integrating important projects into the ecosystem, according to CEO Ardoino. The company is expected to announce five new projects in 2024, some of which could have a significant impact on popular Web2 centralized services.
K. Tovar
Source: Cointelegraph
(Main reference image source: DrawKit Illustrations, Unsplash)
Visit our news channel on Google News and follow us to get accurate, interesting information and stay up to date with everything. You can also see our daily content on Twitter and Instagram
