On June 12, 2023, Tether, a blockchain platform, added about $1 billion worth of its Tether (USDT $1.00) stablecoin on the Ethereum blockchain, stated Cointelegraph. It is expected that the trending billion-dollar mint for the stablecoin exchange took place within two months after April 21, 2023.
“PSA: 1B USDt inventory replenishment on Ethereum Network. Note this is an authorised but not issued transaction, meaning that this amount will be used as inventory for next period issuance requests and chain swaps,” Paolo Ardoino, chief technology officer, Tether, tweeted.
According to Cointelegraph, Tether has minted more than $16 billion new USDT in 2023, and its present market capitalization is over $83 billion. Supposedly, USDT’s market reached its highest in the year 2023 as other stablecoin issuers were fighting against regulatory and banking setbacks in the United States, Cointelegraph concluded.
(With insights from Cointelegraph)
Follow us on Twitter, Facebook, LinkedIn