Tether replenishes reserves by 1 billion USDT
Date: 2023-06-12 Categories: BLOCKCHAIN
This is the second such tranche for such a large amount. The first one was in April.
“Tether periodically works with various third parties (exchanges, hedge funds, etc.) to help them balance USDT liquidity across various networks,” explained Tether CTO Paolo Ardoino.
According to him, platforms may face a situation where most of the USDT will be on one blockchain, but they will need to process withdrawals on another. For such cases, a cross-chain swap may be required.
Issued stablecoins remain in the Tether treasury in an “authorized but not issued” status. They do not participate in the calculation of capitalization.
