Crypto News – CEO Paolo Ardoino of Tether, the company behind the largest stablecoin in the world, USDT, has announced the minting of an additional billion USDT, which is authorized but not yet released.
Tether Inventory Replenishment: CEO Ardoino Says 1 Billion USDT Minting
On December 25, the blockchain monitoring tool Whale Alert informed users on X that Tether Treasury had created one billion USDT. In response, Tether CEO Ardoino said that the transaction was an Ethereum blockchain inventory replenishment in a public service statement posted on the Whale Alert’s X thread.
Note this is an authorized but not issued transaction, meaning that this amount will be used as inventory for next period issuance requests and chain swaps,
Ardoino
Doubts Raised About Tether’s Transparency
The current public service announcement from Ardoino uses language that is similar to that of a prior one billion USDT mint that Whale Alert discovered in September 2023. Additionally, Ardoino stated at the time that the USDT transaction was an authorization rather than a real issuance and that the quantity allotted would be used as inventory for future Tron network chain swaps and issuance requests.
Concerns concerning Ardoino’s most recent PSA and the lack of transparency surrounding Tether’s approved but unissued transactions have been voiced by some online industry observers. If Ardoino is among the people in charge of making these choices, a commenter questioned it in writing.
It would be interesting to examine the document or agreement and learn more about the individuals responsible for this Christmas miracle of creating 1 billion USDTs of thin air,
a commenter
1 Comment