CandleFocus Tether Treasury mints another 2 Billion USDT on the Ethereum network for issuance
2024-11-12
Author: Content Editor
Tether's CEO, Paolo Ardoino, announced that Tether's Treasury minted 2 billion USDT on the Ethereum network to replenish its inventory. Tether consolidated USDT from different blockchains, including Tron, Avalanche, NEAR, CELO, and EOS, into the Ethereum blockchain. This reallocation sparked speculation within the crypto community, with analysts and traders trying to understand the implications. Tether explained that the chain swaps were meant to optimize liquidity and meet the growing demand on the Ethereum Network. Despite a slight decrease in USDT's total supply, it remains the leading stablecoin and plays a crucial role in facilitating high-volume trading. Tether's latest report showed a $2.5 billion profit in Q3, demonstrating its financial robustness. However, smaller blockchains may experience reduced liquidity as a result of the consolidation. Tether also acknowledged that the concentration of USDT on the Ethereum blockchain could lead to higher gas fees during peak network congestion. They emphasized that the chain swaps were not just routine liquidity adjustments but reflected shifting market dynamics, with competitors like USDC gaining popularity on niche chains.
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