Tether Mints Another Billion USDT
On Dec. 25, Whale Alert took to X (formerly Twitter) to alert users that Tether Treasury had minted one billion USDT ($1 billion). Tether CEO Paolo Ardoino responded with a public service announcement in the Whale Alert’s X thread, confirming that the transaction was an “inventory replenish” on the Ethereum blockchain.
The operator of the world’s largest stablecoin, the eponymous Tether (USDT), had minted another billion USDT, which was “authorized but not issued,” according to Ardoino. He further clarified that the amount will be used as inventory for the next period of issuance requests and chain swaps.
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Inventory Replenishment of USDT
In traditional finance, inventory replenishment is the process of ordering stock from suppliers in time to meet customer demand and avoid stock shortages without stockpiling surplus inventory. In Tether’s terms, inventory replenishment is the process of creating new USDT that are stored in Tether’s treasury inventory as “authorized but not issued” USDT.
“These tokens are not part of the total market capitalization of USDT, as they have not been issued or released into circulation yet,” Tether’s FAQ reads.
According to data from the Tether Transparency page, $925 million in USDT is “authorized but not issued” on Ethereum as of Dec. 26, 2023.
Ardoino’s latest PSA echoes the language of a previous one billion USDT mint in September 2023, when Whale Alert flagged a similar crypto alert. On that occasion, Ardoino also said that the USDT transaction was an authorization and not an actual issuance, with the allocated amount set to serve as inventory for upcoming issuance requests and crypto stock swaps on the Tron network.
Tether’s USDT Minting and Bitcoin Price Pumping
As Ardoino released his latest PSA, some online industry watchers have expressed skepticism towards the lack of transparency with Tether’s authorized but not issued transactions. To learn more about the individuals responsible for this “Christmas miracle” of creating 1 billion USDTs of thin air, one commenter asked if Ardoino is one of those people.
The latest USDT mint has raised some eyebrows, as skeptics believe it will be used to increase the price of Bitcoin (BTC). This suspicion has been further fueled by the fact that some industry observers have linked Tether’s USDT minting to crypto pump. One commenter directly asked if it was minted to pump BTC.
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Tether Market Capitalization Reaches New Highs in 2023
Tether (USDT) has seen significant growth over the past year, with its market capitalization reaching new all-time highs in 2023. According to CoinGecko, the market value of Tether has increased by nearly 38%, from $66 billion to $91 billion, since January. At the time of writing, Bitcoin is trading at $42,760, down 2% over the past 24 hours.
In November 2023, Tether attributed the surge in USDT’s value to two main factors, one being the ongoing market anticipation surrounding the potential approval of a Bitcoin exchange-traded fund. Additionally, the firm has been actively investing in Bitcoin-related activities this year, such as buying Bitcoin to manage its reserves and launching multiple BTC mining operations.
A spokesperson for Tether did not immediately respond to Cointelegraph’s request to comment on the crypto pump, gala crypto latest, crypto stock today, crypto.com stock, crypto online, crypto Yahoo Finance, crypto tron, crypto January 2022, and crypto alert.
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