Tether Mints Massive One Billion USDT Stablecoins on Ethereum Extending Its Market Dominance
Tether CTO Paolo Ardoino called the minting of the new stablecoins as part of replenishing its inventory. USDT-stablecoin issuer Tether is making yet another move to extend its dominance in the $132 billion stablecoin market. Last night, Tether announced the minting of another one-billion USD-pegged token on the Ethereum blockchain network. Tether CTO Paolo Ardoino called the minting of the new stablecoins as part of replenishing its inventory. He further added that it was “an authorized but not issued transaction, meaning that this amount will be used as inventory for the next period [of] issuance requests and chain swaps”. As we know, Tether‘s USDT is the most dominant stablecoin in the market currently. With a market cap of $81 billion, it is also the third-largest digital asset currently in the crypto space. Although there have been allegations in the past about Tether issuing more stablecoins than the cash reserves, they aren’t proven so far. Furthermore, Tether has also managed to swiftly handle liquidity even during tough market conditions as well as the crypto winter of 2022. Tether is also among the dominant stablecoin issuer on the Ethereum blockchain network. The total amount of USDT on the Ethereum blockchain network is more than 35 billion