Tether CEO comments on the issue of 2 billion USDT on the Ethereum network

According to Paolo Ardoino, the issue was made as part of the company’s operational activities

11.03.2024 - 09:23

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What’s new? On March 10, analysts at tracking platform Whale Alert reported that Tether has issued another 1 billion USDT stablecoins on the Ethereum blockchain. Tether CEO Paolo Ardoino clarified that this is an authorized but unissued transaction. These coins will be used as reserves to meet purchase requests and network swaps. On March 8, he similarly commented on the release of another 1 billion coins in Ethereum.

Source: Twitter.com

What else is known? USDT is the largest stablecoin by capitalization in the cryptocurrency market. On March 11, it reached a record $102,3 billion. Over 2023, the asset’s share of total stablecoins has grown from 50% to 71%.

In addition to issuing and managing USDT, Tether is actively developing the bitcoin mining business. Thus, the company will spend about half a billion dollars on building its own mining farms and buying stakes in other industry companies.

Tether has already bought 20% of the largest European miner Northern Data AG and joined the construction of data centers in Uruguay, Paraguay, and El Salvador. In addition, together with the government of El Salvador, the company launched a visa program for investments in the local economy in the form of BTC and USDT.