Tether Issues 4 Billion USDT in a Month and Plans New Projects in 2024
Date: 2023-11-13 Author: Dima Zakharov Categories: CRYPTO PAYMENTS, BUSINESS
Tether's Increased Emission: Recent Events and Future Plans
Over the past month, Tether, a leading stablecoin issuer, has issued an additional 4 billion USDT, asserting its significant role in the cryptocurrency ecosystem. This news was initially disclosed by WhaleAlert and is substantiated by transaction tracking data.
The emission occurred four times across various blockchains, including Tron and Ethereum. Tether's CEO, Paolo Ardoino, clarified that the latest transaction was part of "USDT reserve replenishment," emphasizing that it did not entail an immediate introduction of coins into circulation. This decision aims to ensure reserves for future issuance requests and network swaps.
Tether's Dominance and Future Plans
According to reports, Tether issued around 22 billion USDT in 2023, predominantly on the Tron blockchain. This underscores Tether's dominance among stablecoins, holding a 70% market share, while its closest competitor, USDC, trails with just under 20%.
Tether's market capitalization reached $86.7 billion, growing by 3.5% in a month. This signifies that the Tether stablecoin commands almost 6% of the total cryptocurrency market capitalization, solidifying its position as a key player in the crypto sphere.
Tether's Future: New Projects and Integrations
Paolo Ardoino, Tether's CEO, emphasized that in addition to active coin issuance, the company is working on integrating an "extremely powerful" component into its ecosystem. He also pledged to announce five new projects in 2024, some of which, as noted, could revolutionize existing Web 2.0 centralized services.
These announcements followed a report in early November revealing $72.6 billion in Tether reserves in U.S. Treasury bonds. The combination of the issuer's high profitability and active investments in various projects, including Bitcoin mining in El Salvador and chip purchases from Nvidia in exchange for a 20% stake in mining company Northern Data, underscores the company's strategic approach to expanding its capabilities.
These recent events reinforce Tether's position as a influential player in the cryptocurrency world, providing investors and market observers with intriguing prospects for the future.
