Tether released another billion USDT on Ethereum

Tether released another billion USDT on Ethereum
Tether has issued another billion USDT stablecoins on the Ethereum blockchain
The leading stablecoin has surpassed $81 billion in capitalization

Tether has issued another 1 billion more Tether tokens (USDT) on the Ethereum blockchain. The leading stablecoin now has a capitalization of over $81.4 billion, while its closest competitor, Circle's USD Coin (USDC) stablecoin, has a capitalization of $30.9 billion.

The new tokens were issued to "replenish reserves," said Tether CTO Paolo Ardoino. He pointed out that the issue has been authorized, but the funds have not yet been transferred to accounts. According to him, this batch of USDT will be used for subsequent USDT issuance requests and inter-network conversions.

Tether has a long history of issuing USDT before funds are actually deposited into accounts. Stablecoin is issued at once in large volumes, and coins are included in circulation as requests are received from users or exchanges.

According to Kaiko, only in bitcoin pairs, USDT gave way to TrueUSD (TUSD) stablecoin.

USDT is issued on 13 blockchains, such as Ethereum, Solana, Algorand, Tron, BNB Chain, and Polygon. The Tron network has the largest amount of Stablecoin, with 45 billion USDT. Ethereum issued 35 billion tokens.

In addition to USDT, the company issues EURT (Euro Tether), MXNT (Mexican Peso Tether), and XAUT (Tether Gold) tokens tied to the gold exchange rate. Late last year, CNH Tether (CNHHT), a CNY parity to Chinese yuan token issued on the Tron blockchain, was added to them.

• Analysts call the collapse of FTX the catalyst for a new bullish cycle of cryptocurrencies
• "Your Own Bank. When cryptocurrencies will be available to everyone
• Ethereum's stacking value fell by $1.3 billion after the Shapella fork
• Ethereum's rise in price has brought a newcomer to the top 10 cryptocurrencies
• The Future of Cryptocurrencies: What are the Benefits of Decentralized Finance
• SEC warned of a possible lawsuit by cryptocurrency exchange Bittrex
• Blockchain project Chia applied to the SEC for an IPO