Tether mints $1B USDT on Christmas

Stablecoin issuer Tether minted $1B worth of USDT tokens for inventory replenishment on the Ethereum network on December 25.
Dot
March 8, 2024
Ayush Pande

As a tech enthusiast who's always on the prowl for the latest developments concerning crypto and hardware, you can find him covering news stories or tinkering with PCs.

TABLE OF CONTENTS
Photo Source: Mariia Shalabaieva
In the words of Tether CEO Paolo Ardoino, “PSA: 1B USDt inventory replenish on Ethereum Network. Note this is an authorized but not issued transaction...” 

Stablecoin issuer Tether minted $1B worth of USDT tokens for inventory replenishment on the Ethereum (ETH) network.

On December 25, blockchain analytics firm Whale Tracker revealed that 1,000,000,000 USDT tokens were generated at Tether Treasury, with Tether paying a gas fee of 0.01 ETH on the transaction.

Soon, Paolo Ardoino, the new CEO of Tether, revealed that the USDT tokens were minted for inventory replenishment, which is a common business practice. Inventory replenishment (or stock replenishment) is a procedure used by firms to avoid running out of stock without stockpiling excess products in advance.



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According to Ardoino, the 1B USDT tokens were “authorized but not issued.” The tokens will be used to maintain liquidity on the Ethereum network and will act as inventory for the next period of chain swaps and issuance requests from clients.

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Ayush Pande

Ayush Pande is a hardware, gaming, and crypto writer based in India. He's a tech enthusiast who's fascinated by the potential of blockchain technology.

Connect with Ayush on LinkedIn

Tether mints $1B USDT on Christmas

HomeStablecoins
Contents
Photo Source: Mariia Shalabaieva
In the words of Tether CEO Paolo Ardoino, “PSA: 1B USDt inventory replenish on Ethereum Network. Note this is an authorized but not issued transaction...” 

Stablecoin issuer Tether minted $1B worth of USDT tokens for inventory replenishment on the Ethereum (ETH) network.

On December 25, blockchain analytics firm Whale Tracker revealed that 1,000,000,000 USDT tokens were generated at Tether Treasury, with Tether paying a gas fee of 0.01 ETH on the transaction.

Soon, Paolo Ardoino, the new CEO of Tether, revealed that the USDT tokens were minted for inventory replenishment, which is a common business practice. Inventory replenishment (or stock replenishment) is a procedure used by firms to avoid running out of stock without stockpiling excess products in advance.



Get Our Free Newsletter

Subscribe to our newsletter to get tips, our favorite services, and the best deals on Bitcompare-approved picks sent to your inbox


According to Ardoino, the 1B USDT tokens were “authorized but not issued.” The tokens will be used to maintain liquidity on the Ethereum network and will act as inventory for the next period of chain swaps and issuance requests from clients.

Written by
Author's profile picture

Ayush Pande

Ayush Pande is a hardware, gaming, and crypto writer based in India. He's a tech enthusiast who's fascinated by the potential of blockchain technology.

Connect with Ayush on LinkedIn
Ayush Pande

As a tech enthusiast who's always on the prowl for the latest developments concerning crypto and hardware, you can find him covering news stories or tinkering with PCs.

In the words of Tether CEO Paolo Ardoino, “PSA: 1B USDt inventory replenish on Ethereum Network. Note this is an authorized but not issued transaction...” 

Stablecoin issuer Tether minted $1B worth of USDT tokens for inventory replenishment on the Ethereum (ETH) network.

On December 25, blockchain analytics firm Whale Tracker revealed that 1,000,000,000 USDT tokens were generated at Tether Treasury, with Tether paying a gas fee of 0.01 ETH on the transaction.

Soon, Paolo Ardoino, the new CEO of Tether, revealed that the USDT tokens were minted for inventory replenishment, which is a common business practice. Inventory replenishment (or stock replenishment) is a procedure used by firms to avoid running out of stock without stockpiling excess products in advance.



Get Our Free Newsletter

Subscribe to our newsletter to get tips, our favorite services, and the best deals on Bitcompare-approved picks sent to your inbox


According to Ardoino, the 1B USDT tokens were “authorized but not issued.” The tokens will be used to maintain liquidity on the Ethereum network and will act as inventory for the next period of chain swaps and issuance requests from clients.

Written by
Author's profile picture

Ayush Pande

Ayush Pande is a hardware, gaming, and crypto writer based in India. He's a tech enthusiast who's fascinated by the potential of blockchain technology.

Connect with Ayush on LinkedIn
Written by
Ayush Pande