- Tether Treasury mints a staggering 1 billion USDT tokens.
- USDT depeged from its standard value.
Tether, the leading issuer of stablecoins, has recently completed a significant minting process at Tether Treasury. In an effort to replenish its inventory, Tether has minted a whopping 1 billion USDT (equivalent to $1,005,442,500 USD) tokens on the Tron Network.
1,000,000,000 #USDT (1,005,442,500 USD) minted at Tether Treasuryhttps://t.co/5xwyDCxbYR
— Whale Alert (@whale_alert) June 16, 2023
According to Tether CTO Paolo Ardoino, the recent minting of 1 billion USDT is an authorized transaction. Signifying its purpose as inventory for upcoming issuance requests and chain swaps. This means the newly minted tokens are not in circulation yet but are reserved for future use in facilitating transactions and swaps on the Tron Network.
Tether (USDT) is a prominent stablecoin in the cryptocurrency market, designed to maintain a 1:1 ratio with the US dollar. It plays a crucial role in providing liquidity and stability within the crypto ecosystem. Recently, USDT has depreciated from its standard value, which creates concern in the crypto community.
However, this inventory replenishment by Tether Treasury on the Tron Network underscores the continued demand and utility of USDT in the digital asset space. Also, an authorized transaction paves the way for smooth issuance and trading activities in the future.
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