December 26, 2023 5:12 AM | 1 min read
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A blockchain monitoring and analytics platform said that Tether (CRYPTO: USDT) Treasury has generated an additional 1 billion USDT tokens.
What Happened: The event was logged on the Ethereum (CRYPTO: ETH) network and represents a sizable expansion to Tether’s existing supply.
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Tether CEO Paolo Ardoino explained the reasoning behind the token generation on X. Ardoino stated the new tokens are meant for “inventory replenish” within the Ethereum framework. He emphasized that this was an “authorized but not issued transaction.”
It should be noted that 1 USDT is equivalent to $1, which means $1 billion worth of USDT was generated.
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Why It Matters: The fresh batch of USDT minted by Tether is not immediately introduced into the market. Instead, the tokens serve as a reserve to meet future distribution needs or to execute chain swaps when required.
Thus, the newly created USDT will be deployed into circulation as market demand warrants, ensuring liquidity is maintained and potential transactional needs are met.
Photo by DrawKit Illustrations on Unsplash
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“Finish 2023 Strong With 3 Hot Stock Ideas – Practically Free”
Ready for your shot at the next potential 32%, 39% or 45% gains in today’s market? You’re about to miss Stock Expert Gianni Di Poce’s 3 latest stock ideas… Ones that could shift your entire wealth-building journey. If you’re ready to end 2023 strong with 12 hot stock ideas every single month. ACT FAST.
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