Tether Boosts USDT Supply, Introduces Safety Measures
Tether, the entity responsible for the USDT stablecoin, has notably increased its total supply by minting 7 billion USDT in the last quarter, surpassing the 90 billion token mark.
This coincides with Tether’s recent measures to tackle unauthorized use of its stablecoin.
At the moment, USDT’s market cap stands at an impressive $90.6 billion, marking a substantial 9% rise and solidifying its position as a leading stablecoin in rapid growth.
Observers speculate that this surge in USDT supply reflects evolving market conditions and a surge in traders’ confidence. As the largest dollar-pegged stablecoin, USDT is pivotal in facilitating crypto trading, with nearly $30 billion in trading volume in the last day alone.
The uptick in supply indicates an influx of new market entrants and heightened trading activities among existing users, influencing cryptocurrency prices such as Bitcoin and altcoins.
Simultaneously, Tether has proactively introduced a wallet-freezing policy, allowing voluntary freezing of wallets linked to individuals on the US Office of Foreign Assets Control (OFAC) Specially Designated Nationals (SDN) list.
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This initiative aims to prevent potential misuse of USDT and reinforces Tether’s commitment to upholding safety standards in the stablecoin ecosystem.
CEO Paolo Ardoino highlighted that this move aligns with Tether’s dedication to fostering a secure environment, ensuring both existing and newly added addresses on the SDN list are subject to freezing.
The goal is to bolster the positive utilization of stablecoin technology, enhancing safety for all users in the ecosystem.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
