Tether has minted $1 billion worth of its stablecoin, USDT, on the Ethereum blockchain as part of an “inventory replenish”. This is the second $1 billion mint in two months, bringing the total USDT minted by Tether in 2023 to over $16 billion. The latest issuance won’t impact the overall market cap of USDT as it is an “authorized but not issued transaction” and will be used as inventory for the next period of issuance requests and chain swaps.
Key points:
– Tether periodically works with different crypto platforms to help them rebalance the USDT liquidity across various blockchains.
– Tether has minted over $16 billion of new USDT in 2023, with its current market capitalization at more than $83 billion.
– USDT’s market dominance touched new highs in 2023 as other stablecoin issuers struggled due to regulatory and banking crises in the United States.
– The Circle-issued USD Coin (USDC) was on the verge of taking over USDT as the largest stablecoin in 2022, but the prolonged crypto winter and banking contagion in the U.S. significantly affected USDC’s market confidence in 2023.
