Stablecoin firm Tether created 4B USDT in 4 weeks: info
Major stablecoin issuer Tether is minting new USDT (USDT) tokens, issuing 4 billion USDT last month.
Tether issued another 1 billion Tether on the Tron blockchain on November 10, blockchain information provider Whale Alert reported. The latest creation of USDT comes a few days after Tether issued another $1 billion on Ethereum on November 9, and also issued 2 billion USDT on the Tron blockchain in two batches on November 3 and October 19, according to Whale Alert. Data.
Tether's chief technology officer and new CEO, Paolo Arduino, commented on Whale Alert on X (formerly Twitter), saying that the latest 1-billion-USDT transaction on the Tron network was a “replenishment of USDT stock.” wrote:
“Note that this is an authorized but unissued transaction, meaning this amount is used as a buffer for future withdrawal requests and chain swaps.”
The most recently issued USDT accounts for a significant share of the total USDT issued this year. Based on data from Whale Alert, Tether should spend $22.75 billion by 2023, $13 billion or 57 percent of which will be spent on the Tron blockchain. The rest of the $9.75 billion was released on the Ethereum blockchain.
Tether has been actively creating new USDT stablecoins over the past year. In March 2023, Tether minted $9 billion in coins, in addition to the $3 billion it produced the previous month, according to data from Well Alert. The stablecoin issuer issued the largest amount of USDT in mid-summer, issuing 3.75 billion USDT between June 12th and July 12th.
Tether has been burning some coins while actively developing new stablecoins. In the year On August 22, Tether burned 1.2 billion USDT on the Tron blockchain. Previously, the stablecoin firm also burned 3.1 billion Tron USDT in June and 2 billion Ethereum USDT in February, according to Whale Alert.
The cryptocurrency community reacted quickly to the most recent USDT creation transactions. A crypto enthusiast took to X to share some observations on how Tether USDT's past performance has impacted the market.
“The last time this much Tether was printed in one week, an entire bank blew up,” the poster observed, referring to banks like Silicon Valley Bank, Silvergate, and Signature Bank, which are out of business by March 2023.
After the banking implosion, some industry observers were torn between Tether and Signature. Tether subsequently denied such allegations, reiterating unequivocally that it had no exposure to Silvergate, Silicon Valley Bank and Signature Bank.
Related: Tether Provides $610M in Debt Financing to Bitcoin Miner Northern Data
In addition to actively creating new coins, Tether is also working to integrate a major ecosystem soon, Arduino said. Tether's CEO announced on Twitter that the company is preparing to announce five new projects in 2024. “A couple of these could kill some popular Web2 central services for good,” he said.
We are very close to adding another very powerful piece of the puzzle to the @Tether_to ecosystem.
A total of 5 mind-blowing projects for 2024 (and counting). A couple of these may eliminate some popular Web2 Central services for good.
A pure real-world ecosystem aka “things…
— Paolo Ardoino (@paoloardoino) November 12, 2023
Tether did not immediately respond to Cointelegraph's request for comment.
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