Tether Mints 4 Billion USDT Over the Past Month
Have you heard about the recent surge in USDT issuance by Tether? According to Whale Alert, the major stablecoin issuer has minted a total of 4 billion USDT tokens over the past month. The latest figures show that Tether issued 1 billion USDT on the Tron blockchain on November 10, following another 1 billion on Ethereum and 2 billion on Tron earlier in November and October.
Paolo Ardoino, Tether’s chief technology officer and CEO, commented on the latest Tron transaction, explaining that it was an “authorized but not issued” transaction, indicating that it will be used for future issuance requests and chain swaps. This recent issuance makes up a significant portion of the 22.75 billion USDT minted in 2023, with over half of it issued on the Tron blockchain.
In addition to issuing new coins, Tether has also been burning some USDT tokens. However, the community is concerned about the impact of this aggressive minting on the market and its potential repercussions.
Hot Take: Tether’s Aggressive USDT Minting Sparks Concerns
The recent surge in USDT issuance by Tether has raised concerns about its potential impact on the market. As Tether continues to mint new coins at an unprecedented rate, questions about its implications for the crypto ecosystem are being asked. The community is closely monitoring Tether’s actions and their potential consequences for the broader market.
Coinan Porter stands as a notable crypto analyst, accomplished researcher, and adept editor, carving a significant niche in the realm of cryptocurrency. As a skilled crypto analyst and researcher, Coinan’s insights delve deep into the intricacies of digital assets, resonating with a wide audience. His analytical prowess is complemented by his editorial finesse, allowing him to transform complex crypto information into digestible formats.