Stablecoin firm Tether minted 4B USDT in 4 weeks: Data

Major stablecoin issuer Tether has been increasingly minting new USDT (USDT) tokens, issuing 4 billion USDT over the past month.

Tether issued another 1 billion of Tether on the Tron blockchain on Nov. 10, the blockchain data provider Whale Alert reported. The latest USDT minting came just a few days after Tether issued another 1 billion USDT on Ethereum on Nov. 9, in addition to 2 billion USDT issued in two batches on the Tron blockchain on Nov. 3 and Oct. 19, according to Whale Alert data.

Tether chief technology officer and new CEO Paolo Ardoino commented on Whale Alert data on X (formerly Twitter), noting the latest 1 billion USDT transaction on the Tron network was a “USDT inventory replenish.” He wrote:

“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.”

The recently issued USDT makes up a significant share of the total USDT issued this year. Based on Whale Alert data, Tether should have minted 22.75 billion USDT in 2023, with 13 billion, or 57%, having been issued on the Tron blockchain. The remaining amount of 9.75 billion USDT was issued on the Ethereum blockchain.

Tether has been actively minting new USDT stablecoins over the past year. In March 2023, Tether minted a whopping 9 billion USDT coins, in addition to the 3 billion minted over the previous month, according to Whale Alert data. The stablecoin issuer also minted a significant amount of USDT in mid-summer, issuing 3.75 billion USDT between June 12 and July 12.

While actively minting new stablecoins, Tether has also been burning some coins. On Aug. 22, Tether burnt 1.2 billion USDT on the Tron blockchain. Previously, the stablecoin firm also burnt 3.1 billion Tron USDT in June and 2 billion Ethereum USDT in February, according to Whale Alert.

The cryptocurrency community has quickly reacted to the most recent USDT minting…