Tether Mints $1B USDT on Tron, Hits $33B in Yearly Issuance
- The total amount of USDT tokens minted in the last year by Tether has reached $33 billion.
- Tether may also mint USDT in advance of its formal issuance in order to have a steady supply.
The total amount of USDT tokens minted in the last year by stablecoin issuer Tether has reached $33 billion. Thanks to the addition of 1 billion USDT tokens on the Tron network.
According to blockchain data, Tether minted $1 billion worth of USDT to its treasury wallet on August 20th on the Tron network. Lookonchain, a onchain analytics platform, reports that $33 billion worth of stablecoin tokens were minted in the Tether Treasury wallet during the last year.
Around 19 billion USDT were minted on the Tron network, according to the data portal. While 14 billion USDT were minted on the Ethereum blockchain. After a similar USDT mint on Ethereum of the same amount, this latest mint follows suit. The stablecoin issuer added additional 1 billion Ethereum tokens on August 13, as detected by data surveillance platform Whale Alert.
Steady Supply in Hand
The $1 billion transaction was only a USDT inventory replenish on Ethereum, according to Tether CEO Paolo Ardoino, who said on X. This transaction was permitted but not issued, according to the executive. As a result, it will be used as inventory for the issuers next batch of issuance requests and chain swaps.
To keep up with customer demand, conventional firms rely on stock orders for inventory replenishment. Tether may also mint USDT in advance of its formal issuance in order to have a steady supply on hand. This guarantees efficient management of liquidity without releasing funds into circulation right away.
Although Tether has not made any public announcements about the newly minted USDT on Tron, it is quite probable that they will serve a similar role as the previously issued USDT tokens on Ethereum.
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Read more: https://thenewscrypto.com/tether-mints-1b-usdt-on-tron-hits-33b-in-yearly-issuance/
Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
