In recent developments, tethered Chief Technology Officer (CTO) Paolo Ardoino clarifies recent transactions This happens in Tether’s vault.
1 billion USDT authorized unissued
in a tweet Sharing on his X (formerly Twitter) platform, Ardoino explained that the 1 billion USDT mentioned in an article by Whale Alert tweet Because “The Mint” has been licensed but not yet released (not yet in public hands).
???? ???? ???? ???? ???? ???? ???? ???? ???? ???? 1,000,000,000 #USDT ($1,000,719,999) Minted at Tether Treasury https://t.co/NA4NnBjhyD
— Whale Alert (@whale_alert) September 19, 2023
According to him, these tokens are used to replenish the issuer’s treasury wallet on the Tron network. Ardoino further explained that the 1 billion USDT will be used as “inventory for the next issuance requests and on-chain swaps.”
The wave field continues account For the majority of USDT in circulation, there is currently over $43 billion worth of authorized USDT on the blockchain (although $947 million of that token has not yet been issued).
Transactions like the one under consideration typically occur when a client requests to perform a cross-chain exchange for an amount that exceeds the amount in the Tether treasury wallet on the target blockchain.for accountability purposeUSDT issuers must balance their reserves on that particular blockchain.
After minting new tokens on the target blockchain, Tether or burn Either keep the same number of tokens on the initial blockchain (to balance its circulating supply and USD reserves) or reserve these tokens and use them for future chain swaps.
Tether's stablecoin at $83 billion market cap | Source: Market Cap USDT on Tradingview.com
Tether’s dominance
The world’s largest stablecoin Market value yes Currently available Bitcoin, Ethereum, Algorand, Avalanche, EOS, Polkadot, Polygon, Solana, TRON, Tezoz and Cava. Meanwhile, its closest competitor USDC, Currently supports 14 blockchainsnamely Algorand, Arbitrum, Avalanche, Base, Ethereum, Flow, Hedera, NEAR, Noble, OP Mainnet, Polkadot, Solana, Stellar and TRON.
Still, Tether and its USDT stablecoin dominate All fronts and all indicators That’s important. The stablecoin’s current circulating supply exceeds 83 billion USDT, while USDC’s circulating supply is 26 billion. On the one hand, many in the proof-of-flow crypto community appear to prefer USDT over other stablecoins, including USDC.
As USDT and USDC continue to compete for the majority of the stablecoin market share, other stablecoin issuers and their stablecoins have encountered difficulties in the market.For example, a recent reports Shows PayPal’s PYUSD stablecoin adoption rate has been less than ideal since launch Launched on August 7th.
Meanwhile, Paxos, the issuer of the PYUSD stablecoin, has suffered another blow as Binance recently began Kill the BUSD stablecoin (also issued by Paxos) from its exchange.
Featured images from CoinLive, charts from Tradingview.com
