Tether, the issuer of the most widely used stablecoin Tether (USDT), has minted 1 billion USDT on the Tron Network. The transaction was confirmed on Twitter by Tether's chief technology officer, Paolo Ardoino.
Tether CTO Paolo Ardoino Speaks After Loaded Press
Ardoino explained that the issuance is an "inventory replenishment", not an issue, meaning that the amount will be used as inventory for future issuance requests and chain swaps. Chain swaps are transactions that move USDT between different blockchains that support that token, such as Ethereum, EOS, Algorand, and Solana.
PSA: 1B USDt inventory replenish on Tron Network. Note this is a authorized but not issued transaction, meaning that this amount will be used as inventory for next period issuance requests and chain swaps.
— Paolo Ardoino 🍐 (@paoloardoino) May 8, 2023
Ardoino said in his statement on Twitter:
“Note: This is a 1 billion USDT inventory replenishment on a Tron network. Note that this is an authorized but not issued transaction, meaning this amount will be used as inventory for future issuance requests and chain swaps.”
Tether is a stablecoin that aims to peg each USDT cryptocurrency to the US dollar by backing it with a fiat currency equivalent or its equivalent in reserves. Tether claims to have full transparency and publishes a daily record of its total assets and reserves available.
*Not investment advice.
