Tether USDt

Tether, the issuer of the most popular stablecoin in the crypto industry, has once again <a href="https://etherscan.io/tx/0x0f9802db2c7d844912aa1cd033f7d567983d0d17a9ab69d419819bd4344767c7" rel="noopener noreferrer nofollow">minted</a> another one billion USDT tokens on the Ethereum <a href="https://blockchainreporter.net/blockchain/" rel="noopener noreferrer nofollow">blockchain</a>.This move has sparked interest from some market observers who believe it’s a sign of anticipated demand for crypto exposure.<h2 id="header-0">Tether Mints One Billion USDT</h2>Late last night, <a href="https://tether.to/" rel="noopener noreferrer nofollow">Tether</a> announced the minting of one billion USDT tokens on the <a href="https://blockchainreporter.net/ethereum/" rel="noopener noreferrer nofollow">Ethereum network</a>. According to Tether CTO Paolo Ardoino, the minting represented an “inventory replenish.” He 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.”USDT, also known as Tether, is a stablecoin that is pegged to the value of the US dollar at a 1:1 ratio. This means that for every USDT token in circulation, there is an equivalent amount of US dollars held in reserve to back it up.Stablecoins like USDT are designed to provide price stability and reduce volatility in the <a href="https://blockchainreporter.net/market/" rel="noopener noreferrer nofollow">cryptocurrency market</a>, allowing traders to move funds between exchanges without having to rely on traditional banking systems.USDT is issued by Tether Limited, a company that claims to hold the equivalent amount of US dollars in reserve for every USDT token in circulation.USDT is one of the most widely used cryptocurrencies in the world and is traded on many exchanges alongside other popular cryptocurrencies like <a href="https://blockchainreporter.net/bitcoin/" rel="noopener noreferrer nofollow">Bitcoin</a> and Ethereum.Tether’s dominance in the stablecoin market is growing, and it is the dominant stablecoin issuer on the Ethereum blockchain.<h2 id="header-1">USDT Continous Growth</h2>The total amount of USDT on Ethereum now amounts to over 35 billion tokens. Its closest competitor, the <a href="https://blockchainreporter.net/circle-tether-and-coinbase-refuses-having-any-exposure-to-ftx-and-alameda-chaos/" rel="noopener noreferrer nofollow">Circle-issued USDC</a>, accounts for less than 30 billion tokens.Meanwhile, Binance USD, which is not currently minting new tokens, makes up less than seven billion tokens.The growth of Tether’s USDT on the Ethereum blockchain is remarkable. In the last 12 months alone, the amount of USDT on Ethereum has increased by over 800%.This growth can be attributed to the popularity of Ethereum-based <a href="https://blockchainreporter.net/defi/" rel="noopener noreferrer nofollow">decentralized finance (DeFi)</a> applications, which require stablecoins for <a href="https://blockchainreporter.net/glossary/liquidity/" rel="noopener noreferrer nofollow">liquidity</a> provision and <a href="https://blockchainreporter.net/glossary/trading/" rel="noopener noreferrer nofollow">trading</a>.Tether’s USDT is not only popular on the Ethereum blockchain but across all blockchain networks. Currently, the total supply of USDT across all networks is approximately 60 billion tokens.The issuance of new USDT tokens has been a controversial topic in the crypto community. Some market observers argue that Tether’s minting of new tokens is a way to manipulate the price of Bitcoin and other cryptocurrencies.However, Tether has repeatedly denied such allegations and stated that its USDT tokens are fully backed by reserves.Regardless, Tether’s dominance in the stablecoin market continues to grow as it mints more USDT tokens on the Ethereum blockchain.With the growing popularity of DeFi applications, the demand for stablecoins is expected to increase, and Tether is well-positioned to capitalize on this trend. As always, market observers will be watching closely to see how this development impacts the broader crypto market.

Tether’s Stablecoin Dominance Grows as it Mints One Billion USDT on Ethereum

목차

BlockchainReporter

2023년 4월 21일에 게재된 다른 기사

Starbucks struggles in NFT market: First store collection fails to sell out

De-dollarization: Bangladesh chooses Chinese Yuan for Russia nuclear plant loan payment

Gamma acquires Mr Eazi’s Vydia for $1 billion

$SHIB Becomes More Accessible Thanks to BitPay and Ramp Network’s New Partnership

Adshares is now available on HYVE – the job marketplace for freelancers

Avalanche (AVAX) and Solana (SOL) Blown Away by Million Investment in TMS Network (TMSN)

무료 뉴스레터에 가입하여 매일 최신 암호화폐 소식을 받아보세요!