Tether Treasury Prints 1 Billion USDT on the Ethereum Network


Tether Treasury Prints 1 Billion USDT on the Ethereum Network

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Tether Treasury Cetak 1 Miliar USDT di Jaringan Ethereum
Tether Treasury Cetak 1 Miliar USDT di Jaringan Ethereum

PETIK.NET - Large amounts of (), the most popular stablecoin on the crypto market, have been minted in the Treasury.

According to a tweet by @whale_alert, a service that tracks large cryptocurrency transactions, one billion was minted on the network, which could indicate a spike in demand for the token.

However, Paolo Ardoino, CTO of Bitfinex and Tether, immediately clarified that printing is not an issue but an inventory update.

Ardoino explained that the amount will be used as inventory for the next period of blockchain issuance and exchange requests, meaning it will be transferred to other blockchains or exchanges as needed.

He also says that this is an authorized but not published transaction, which implies that the backup supports it.

Tether claims to maintain a 1:1 peg to the US dollar by holding equivalent reserves in bank accounts.

Nevertheless, the project has been controversial in recent times, with critics questioning its transparency and solvency, especially after a legal settlement with the Attorney General of New York (NYAG) revealed that Tether was not fully supported at some points.

In addition, Tether became the target of criticism after a Wall Street Journal investigation stated that its partners used fake documents to gain access to bank accounts.

According to the investigation, Tether used cover companies to gain access to the banking system in 2018.

Tether Moves to Dominate Stablecoin Market

This latest USDT minting coincides with increased competition in the crypto sector, where Tether aims to lure investors away from other stablecoins.

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