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Tether mints one billion new USDT tokens

The stablecoin issuer Tether minted new tokens on the Ethereum blockchain on April 20 worth one billion dollars.

By Finst News
• 1 min read
Tether mints one billion new USDT tokens

The stablecoin issuer Tether has minted new tokens on the Ethereum blockchain worth one billion dollars on April 20. Tether's market dominance remains intact.

This is an inventory replenishment, according to CTO Paolo Ardoino. "Note: this is an authorized transaction that still needs to be issued," Ardoino said. This means the amount will be used as inventory for transaction requests and chainswaps in the next period, he added.

Tether is the issuer of the world's largest stablecoin (USDT). At the time of writing, USDT has a market cap of $81 billion. That makes it the third-largest cryptocurrency, behind Bitcoin and Ethereum. The competing coin USDC currently has a market capitalization of $31 billion.

Earlier this month, the company faced fraud allegations due to allegedly forged documents.

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