Tether Creates $8 Billion in USDT Across Ethereum & Tron
The company behind the stablecoin Tether has generated $8 billion worth of USDT across Ethereum (ETH) and Tron (TRX) blockchains within the last three months.
Recently, Lookonchain reported a fresh creation of $1 billion in USDT on Ethereum by Tether’s treasury.
According to Paolo Ardoino, the CEO of Tether, this recent creation serves as an “inventory replenishment” specifically on the Ethereum Network.
He clarified, “This is an authorized transaction for future issuance requests and chain swaps, not yet utilized or circulated.”
USDT remains the most substantial stablecoin in terms of market capitalization and aims to sustain a 1:1 value against the US dollar.
Ardoino also highlighted Tether’s collaboration with federal law enforcement agencies like the United States Secret Service (USSS) and the Federal Bureau of Investigation (FBI) in combating illicit activities. In a communication to lawmakers, it was explained that Tether remains deeply involved in assisting law enforcement efforts.
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Collaborations, underscored by recent recognition from the U.S. Department of Justice (DOJ), have significantly contributed to disrupting illegal activities and supporting victims in recovering their assets.
It was noted that Tether has recently engaged the United States Secret Service within its platform and is progressing similarly with the Federal Bureau of Investigation (FBI). These partnerships affirm dedication to aiding law enforcement against criminal activities and facilitating victims in reclaiming their funds.
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.
