Tether issues 4 billion USDT in the past month

The issuer Tether minted an additional 4 billion stablecoins USDT, according to Whale Alert.

In the month the company minted new stablecoins four times:

• 19 October — 1 billion USDT on the Tron network;
• 3 November — 1 billion USDT on the Tron network;
• 9 November — 1 billion USDT on the Ethereum network;
• 10 November — 1 billion USDT on the Tron network.

Tether’s appointed CEO Paolo Ardoino commented on Whale Alert’s post on X, explaining that the latest transaction was “a replenishment of USDT reserves”.

PSA: 1B USDt inventory replenish on Tron Network. Note this is an 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) November 10, 2023

Note that the transaction is authorized, but the coins have not been issued into circulation. This means that the amount will be used as inventory for the next issuance and network swaps,

In 2023, Tether minted around 22 billion USDT — of which 13 billion (57%) were on the Tron blockchain.

According to CoinGecko, the stablecoin’s market capitalization reached $86.7 billion, up 3.5% over the month. The asset accounts for almost 6% of the entire crypto market.

USDT’s dominance among other stablecoins stands at 70%, with the nearest competitor USDC at just under 20%.

According to Ardoino, beyond active minting, Tether is working on integrating an ‘extremely powerful’ component for the ecosystem. Moreover, in 2024 the company will announce five new projects.

We’re quite close to add another extremely powerful piece of the puzzle for @Tether_to ecosystem.

Total of 5 mind-blowing projects (and counting) for 2024.
Couple of these could obliterate some popular Web2 centralized services for good.

Pure Real World Ecosystem aka “Things…

— Paolo Ardoino ? (@paoloardoino) November 12, 2023

“A couple of them could permanently destroy some popular centralized Web 2.0 services,” he noted.

In early November, Tether reported $72.6 billion in reserves in U.S. Treasury securities. Together with cash holdings, their share stood at 85.7%.

Earlier in May, Ardoino said that high profitability of the issuer gives the opportunity to explore new lines of business.

Later, it emerged that Tether invested $1 billion in a Bitcoin mining project in El Salvador. Subsequently, the issuer directed $420 million to buy Nvidia chips in exchange for a 20% stake in the mining company Northern Data.