According to data from Whale Alert, stablecoin issuer Tether has issued 4 billion USDT tokens in the past month, increasing the quantity of USDT tokens minted and accounting for nearly 18% of all USDT issued in 2023.
According to blockchain data provider Whale Alert, on November 10, Tether distributed an additional 1 billion Tether on the Tron blockchain.
Whale Alert data indicates that the most recent USDT minting occurred just a few days after Tether issued an additional 1 billion USDT on Ethereum on November 9, in addition to 2 billion USDT issued in two installments on the Tron blockchain on November 3 and October 19.
Regarding Whale Alert data on X (formerly Twitter), Paolo Ardoino, the newly appointed CEO of Tether and chief technology officer, commented that the most recent 1 billion USDT transaction on the Tron network was a “USDT inventory replenish.” His writing was:
“Note this is an authorized but not issued transaction, meaning that this amount will be used as inventory for next period issuance requests and chain swaps.”
Recent USDT issuance constitutes a substantial proportion of this year’s total USDT. According to Whale Alert data, Tether should have issued 22.75 billion USDT in 2023; however, 13 billion USDT, or 57%, were issued on the Tron blockchain. Ethereum blockchain issued 9.75 billion USDT in the remaining quantity.
In the past year, Tether has been actively minting new USDT stablecoins. According to Whale Alert data, Tether issued an astounding 9 billion USDT coins in March 2023, an increase of 3 billion from the previous month. Additionally, during the middle of summer, the stablecoin issuer issued 3.75 billion USDT between June 12 and July 12.
In addition to minting new stablecoins, Tether has engaged in the practice of coin burning. Tether burned 1.2 billion USDT on the Tron blockchain on August 22. Whale Alert reports that the stablecoin company previously burned 3.1 billion Tron USDT in June and 2 billion Ethereum USDT in February.
Rapidly, the cryptocurrency community responded to the latest USDT minting transactions. A crypto enthusiast took to X to comment on the market’s reaction to the recent aggressive Tether USDT minting.
The poster noted, “The last time this much Tether was printed in a week, an entire bank blew up,” alluding to the March 2023 closures of Silicon Valley Bank, Silvergate, and Signature Bank.
Following the bank implosions, certain industry observers speculated that Tether and Signature might have been exposed. Subsequently, Tether “unequivocally reaffirmed” that it had no exposure to Silvergate, Silicon Valley Bank, or Signature Bank, refuting the allegations.
Ardoino reports that, in addition to the ongoing minting of new coins, Tether has been integrating a significant ecosystem component. The CEO of Tether announced via Twitter that the company is gearing up to disclose five additional initiatives in 2024. “A pair of these could irreparably destroy several well-known Web2 centralized services,” he warned.
