Tether Authorizes Release of 1 Billion USDT on Ethereum Network
Date: 2024-02-21 Author: Dima Zakharov Categories: BUSINESS
Tether, the company behind the USDT stablecoin, has given the green light for the release of another 1 billion coins on the Ethereum blockchain. This move comes shortly after the company's last issuance at the end of January 2024, where they also minted 1 billion USDT, but on the Tron network.
Paolo Ardoino, the company's Chief Technology Officer, clarified on his Twitter account that while the authorization has been given, the coins have not yet been issued. This means that the authorized amount will serve as inventory for future issuance requests and blockchain swaps.
As of the time of writing, the market capitalization of USDT stands at $97.7 billion, with USDT dominance in the market at 70.68%, according to data from DeFiLlama.
Earlier reports indicated that Tether had frozen 49.2 million USDT across three addresses, adding to the ongoing developments surrounding the stablecoin issuer.
