Tether mints $1B USDT for future issuance on Ethereum

Stablecoin issuer Tether minted $1B worth of USDT tokens at Tether Treasury to meet future demands on the Ethereum network.
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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.

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Photo Source: Tether

Stablecoin issuer Tether minted $1B worth of USDT tokens at Tether Treasury to meet future issuance demands on the Ethereum network.

On June 12, data analytics firm Whale Alert reported that the firm behind the stablecoin with the largest market cap printed $1B USDT tokens in its latest mint. 

Subsequently, Tether CTO Paolo Ardoino took to Twitter to clarify that Tether’s fresh batch of USDT tokens serves as inventory replenishment for the firm. According to him, the $1B worth of stablecoin assets will support chain swaps and aid third-party crypto exchanges in rebalancing their USDT reserves. In his words,

“This is an authorized but not issued transaction, meaning that this amount will be used as inventory for next period issuance requests and chain swaps.”



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Similarly, crypto exchange Binance announced it will collaborate with the Tether team to swap $750M in USDT from TRON (TRX) to the Ethereum (ETH) blockchain hours after Ardoino published his tweet. 

It is worth noting that this is not the first time Tether has minted a large amount of USDT tokens. Earlier in March 2023, the stablecoin issuer minted a batch of $1B USDT, with Ardoino posting a similar tweet on using the freshly minted stablecoin assets as inventory for future issuance of USDT.

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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

Tether mints $1B USDT for future issuance on Ethereum

HomeStablecoins
Contents
Photo Source: Tether

Stablecoin issuer Tether minted $1B worth of USDT tokens at Tether Treasury to meet future issuance demands on the Ethereum network.

On June 12, data analytics firm Whale Alert reported that the firm behind the stablecoin with the largest market cap printed $1B USDT tokens in its latest mint. 

Subsequently, Tether CTO Paolo Ardoino took to Twitter to clarify that Tether’s fresh batch of USDT tokens serves as inventory replenishment for the firm. According to him, the $1B worth of stablecoin assets will support chain swaps and aid third-party crypto exchanges in rebalancing their USDT reserves. In his words,

“This is an authorized but not issued transaction, meaning that this amount will be used as inventory for next period issuance requests and chain swaps.”



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


Similarly, crypto exchange Binance announced it will collaborate with the Tether team to swap $750M in USDT from TRON (TRX) to the Ethereum (ETH) blockchain hours after Ardoino published his tweet. 

It is worth noting that this is not the first time Tether has minted a large amount of USDT tokens. Earlier in March 2023, the stablecoin issuer minted a batch of $1B USDT, with Ardoino posting a similar tweet on using the freshly minted stablecoin assets as inventory for future issuance of USDT.

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.

Stablecoin issuer Tether minted $1B worth of USDT tokens at Tether Treasury to meet future issuance demands on the Ethereum network.

On June 12, data analytics firm Whale Alert reported that the firm behind the stablecoin with the largest market cap printed $1B USDT tokens in its latest mint. 

Subsequently, Tether CTO Paolo Ardoino took to Twitter to clarify that Tether’s fresh batch of USDT tokens serves as inventory replenishment for the firm. According to him, the $1B worth of stablecoin assets will support chain swaps and aid third-party crypto exchanges in rebalancing their USDT reserves. In his words,

“This is an authorized but not issued transaction, meaning that this amount will be used as inventory for next period issuance requests and chain swaps.”



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


Similarly, crypto exchange Binance announced it will collaborate with the Tether team to swap $750M in USDT from TRON (TRX) to the Ethereum (ETH) blockchain hours after Ardoino published his tweet. 

It is worth noting that this is not the first time Tether has minted a large amount of USDT tokens. Earlier in March 2023, the stablecoin issuer minted a batch of $1B USDT, with Ardoino posting a similar tweet on using the freshly minted stablecoin assets as inventory for future issuance of USDT.

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