Tether Replenishes Inventory With 1 Billion USDT Tokens on Ethereum Blockchain
Late yesterday, Tether, a stablecoin issuer, created one billion USDT tokens on the Ethereum blockchain.
Paolo Ardoino, Tether’s CTO, claimed that this was a “replenishment” of inventory, adding that the amount would be used for the next period of issuance requests and chain swaps.
PSA: 1B USDt inventory replenish on Ethereum Network. Note this is a authorized but not issued transaction, meaning that this amount will be used as inventory for next period issuance requests and chain swaps.
— Paolo Ardoino 🍐 (@paoloardoino) April 20, 2023
USDT is a popular stablecoin in the crypto industry, pegged 1:1 to the US dollar, commonly used for trading on large exchanges that don’t accept fiat currencies.
Tether is the dominant stablecoin issuer on Ethereum, with over 35 billion tokens, compared to Circle’s USDC at less than 30 billion tokens and Binance’s USD (BUSD), which currently isn’t producing new tokens, at less than seven billion tokens.
Tether’s dominance in the stablecoin market extends to the entire sector, with over 81.5 billion dollar-pegged tokens, while USDC remains under 30 billion tokens.
READ MORE: Robert Kiyosaki Bets on Bitcoin Continuing its Price Surge
There is a viewpoint that suggests the supply of USDT has been a reliable indicator of the trend in the cryptocurrency market and the price of Bitcoin over time.
In Q4 of 2022, Tether disclosed a net profit of $700 million, with consolidated total assets of at least $67.04 billion and consolidated total liabilities of $66.08 billion.
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.
