Crypto Mania

Tether Adds Another Billion USDT as Aggressive Minting Continues

  • Paolo Ardoino called the recent 1 billion USDT minting an inventory replenishment.
  • Over the last year, Tether has steadily released additional USDT stablecoins into circulation.

USDT stablecoin issuer Tether has been steadily minting new USDT tokens, producing 4 billion USDT during the previous month. Whale Alert revealed that on November 10, Tether released another billion Tether on the Tron network.

According to Whale Alert statistics, the most recent USDT minting occurred only a few days after Tether released another 1 billion USDT on Ethereum on November 9. This follows two separate minting of 2 billion USDT on the Tron blockchain on November 3 and October 19.

Inventory Replenishment

Tether’s new chief executive officer and chief technical officer, Paolo Ardoino, made a remark on Twitter over the Whale Alert data, calling the recent 1 billion USDT transaction on the Tron network a “USDT inventory replenish.”

A substantial amount of this year’s total USDT issuance may be attributed to newly issued USDT. According to Whale Alert’s estimates, Tether was expected to create 22.75 billion USDT in 2023, with 13 billion, or 57%, issued on the Tron network. On the Ethereum network, the remaining 9.75 billion USDT were released.

Over the last year, Tether has steadily released additional USDT stablecoins into circulation. According to statistics provided by Whale Alert, in March 2023, Tether minted a massive 9 billion USDT, on top of the 3 billion minted in February. In the middle of summer, the stablecoin issuer minted a large number of USDT, releasing 3.75 billion USDT between June 12 and July 12.

Tether has started burning some of its tokens in addition to aggressively minting new stablecoins. On August 22nd, 1.2 billion USDT were burned by Tether on the Tron network. Earlier this year, in June, the stablecoin issuer burnt 3.1 billion Tron USDT, and in February, they burned 2 billion USDT on Ethereum blockchain, as reported by Whale Alert.

Highlighted Crypto News Today:

Shiba Inu Team Teases Mystery Cover for Upcoming Magazine Edition

Source link