Tether’s Intensive Token Mining Adds 4 Billion USDT to Market
Key Takeaways
- Tether has minted 4 billion USDT over the past month, including significant issuance on both the Tron and Ethereum blockchains.
- The company’s mining activity in 2023 will total 22.75 billion USDT, with major coin burns also occurring throughout the year.
ropeMajor players in the stablecoin market Increased USDT (USDT) token issuance.publish An impressive 4 billion USDT in the last 4 weeks.
According to blockchain data provider Whale Alert, this surge is The token creation includes 1 billion USDT minted on the Tron blockchain on November 10th.. This was This was followed by an additional 1 billion USDT being minted on Ethereum. Added on November 9th 2 billion USDT was issued in two separate batches. on the Tron blockchain earlier this month.
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Paolo Ardoino, Tether’s new CEO and CTO, said: X covered these mining activities. (formerly known as Twitter).
He stated that the recent 1 billion USDT transactions that took place on the Tron network were as follows: Replenishes USDT inventory for future issuance requests and chain swaps.. He emphasized this point. Transactions approved but not yet issued.
Based on data from Whale Alert, Tether issued a total of 22.75 billion USDT in 2023.. Of these, 57% (13 billion USDT) were issued on the Tron blockchain and the remaining 9.75 billion USDT were issued on Ethereum.
Tether’s new USDT issuance pattern has been consistent throughout the year.. In March 2023 alone, the company minted a whopping 9 billion USDT, following 3 billion USDT issued the previous month. Another notable mining period was between June 12 and July 12, during which Tether minted 3.75 billion USDT.
When comparing casting activities, Tether also participated in USDT token burning.. Notable examples include the burning of 1.2 billion USDT on the Tron blockchain in August, 3.1 billion USDT in June, and 2 billion Ethereum USDT in February.
The cryptocurrency community hurry Responding to Tether’s Recent Issuance ActivitySome enthusiasts point out a correlation between these aggressive mints and important market events.
Last time, this much tether was printed in a week and the whole bank exploded.
Examples cited include the closure of banks such as Silicon Valley Bank, Silvergate, and Signature Bank in March 2023, some of which were linked to Tether’s activities. However, Tether denied any exposure to these banks.
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