Crypto News – With the issuance of 4 billion USDT in the last month, major stablecoin issuer Tether has been steadily minting new tokens.
Tether Mint 4 Billion USDT: The Stablecoin Firm Did It In As Little As 4 Weeks
On November 10, the blockchain analytics source Whale Alert claimed that Tether had released a further 1 billion Tether on the Tron network. According to data from Whale Alert, Tether minted an additional 1 billion USDT on Ethereum on November 9, in addition to the 2 billion USDT that was released in two batches on the Tron blockchain on November 3 and October 19. These mintings occurred just a few days apart.
In response to Whale Alert data on X, Paolo Ardoino, the chief technical officer and recent CEO of Tether, noted that the most recent $1 billion USDT transaction on the Tron network was a “USDT inventory replenish.”
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
Tether Draws Criticism for Intense USDT Minting
A sizeable portion of this year’s total USDT issued is comprised of the freshly issued USDT. 13 billion, or 57%, of Tether’s projected 22.75 billion USDT in 2023 should have been issued on the Tron blockchain, according to statistics from Whale Alert. Using the Ethereum blockchain, the remaining 9.75 billion USDT was issued.
For the past year, Tether has been cranking out new USDT stablecoins. Whale Alert data indicates that Tether minted a staggering 9 billion USDT coins in March 2023, on top of the 3 billion that were coined the month before. In the middle of summer, the stablecoin issuer also produced a sizable number of USDT, issuing 3.75 billion USDT between June 12 and July 12.
The most recent USDT minting transactions have, however, prompted a swift response from the cryptocurrency community. An enthusiast for cryptocurrencies came to X to give some thoughts about the market’s reaction to earlier aggressive Tether USDT minting. The poster noted, “Last time this much Tether got printed in a week a whole bank blew up,” alluding to the demise of Silicon Valley Bank, Silvergate, and Signature Bank in March 2023.