Tether CTO clarifies $1B USDT mint on Ethereum is for chain swaps

Tethers primary technology officer Paolo Ardoino took to Twitter to clarify that the latest USDT mint is part of what the firm calls an “inventory replenish” on the Ethereum network. According to Ardoino, the latest minted amount will be utilized as inventory for the next period of issuance requests and chain swaps.PSA: 1B USDt stock renew on Ethereum Network. PBW 2023Tether has actually minted over $16 billion of brand-new USDT in 2023, with its present market capitalization at more than $83 billion.

The newest billion-dollar mint for the stablecoin issuer comes within two months of its last mint on April 21. Tethers chief innovation officer Paolo Ardoino took to Twitter to clarify that the most current USDT mint is part of what the company calls an “stock replenish” on the Ethereum network. According to Ardoino, the most current minted quantity will be utilized as stock for the next period of issuance requests and chain swaps.PSA: 1B USDt stock renew on Ethereum Network.

PBW 2023Tether has actually minted over $16 billion of new USDT in 2023, with its current market capitalization at more than $83 billion. USDTs market dominance touched brand-new highs in 2023 as other stablecoin companies had a hard time due to regulative and banking crises in the United States. Source: CoinGecko.The Circle-issued USD Coin (USDC)– the second-largest stablecoin by market cap– was on the verge of taking over USDT as the largest stablecoin in 2022.