July 16, 2024
ether's Massive USDT Production
Latest Cryptocurrency News

Tether’s Unprecedented Token Surge: 4 Billion USDT Minted in a Month

Tether, a prominent stablecoin issuer, has consistently generated new USDT tokens, producing 4 billion USDT in the last month. On November 10, Tether released an additional 1 billion USDT on the Tron blockchain, as reported by blockchain data provider Whale Alert. This recent minting follows the issuance of 1 billion USDT on Ethereum on November 9, along with 2 billion USDT distributed in two tranches on the Tron blockchain on November 3 and October 19, according to Whale Alert data.

Paolo Ardoino, Tether’s Chief Technology Officer and newly appointed CEO, responded to the Whale Alert data on X (formerly Twitter), explaining that the latest 1-billion-USDT transaction on the Tron network was a USDT inventory replenishment. He clarified that it was an authorized but not issued transaction, serving as inventory for upcoming issuance requests and chain swaps.

The recently minted USDT constitutes a substantial portion of this year’s total USDT. According to Whale Alert data, Tether should have minted 22.75 billion USDT in 2023, with 13 billion (57%) issued on the Tron blockchain and the remaining 9.75 billion on the Ethereum blockchain. Tether has been actively minting new USDT stablecoins throughout the past year, including a significant issuance of 9 billion USDT coins in March 2023 and 3.75 billion USDT between June 12 and July 12.

In addition to minting new coins, Tether has engaged in coin-burning activities. Notably, on August 22, Tether burned 1.2 billion USDT on the Tron blockchain. As reported by Whale Alert, previous burn events included the destruction of 3.1 billion Tron USDT in June and 2 billion Ethereum USDT in February. The cryptocurrency community has promptly responded to the recent USDT minting transactions.

In the wake of the bank implosions, some industry observers speculated about the exposure between Tether and Signature. Tether, however, refuted these allegations, emphatically stating that it had no exposure to Silvergate, Silicon Valley Bank, or Signature Bank.

Apart from the coin-related activities, Tether is actively working on integrating a significant component into its ecosystem. Ardoino announced on Twitter that the firm is gearing up to unveil five new projects in 2024, with some having the potential to challenge popular Web2 centralized services.

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Disclosure Statement: Miami Crypto does not take any external funding, or support to bring crypto news to the readers. We do not have any conflicts of interest while writing news stories on Miami Crypto.

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