Tether New USDT Minting Confirmed As $1B Inventory Addition

Key Points:

• The Tether new USDT minting process on Ethereum to prepare for rising demand was confirmed by CEO Paolo Ardoino.
• Tether withdrew 8888.88 BTC, totaling $400 million, from Bitfinex, securing a spot in the top 10 Bitcoin wallet addresses with over 66,465.2 BTC.

Tether, a prominent stablecoin issuer, has recently minted an additional $1 billion of its USDT stablecoin on the Ethereum blockchain in a strategic move to bolster its inventory in anticipation of a surge in demand.

Tether New USDT Minting Bolsters Reserves with $1 Billion on Ethereum

The Tether new USDT minting process, which took place on January 4, was initially reported by Whale Alert on social media and later confirmed by Tether CEO Paolo Ardoino.

Ardoino clarified that the Tether new USDT minting was an authorized transaction, not yet issued, and would serve as inventory for upcoming issuing requests and chain swaps. This inventory replenishment involves creating new USDT tokens stored in the Tether treasury, labeled “authorized but not issued,” indicating they are not yet in circulation.

In a separate development, Tether withdrew 8888.88 BTC from the Bitfinex exchange on January 1, valuing approximately $400 million. This withdrawal propelled Tether into the top 10 wallet addresses holding the most Bitcoin, boasting a total of 66,465.2 BTC with a value exceeding $2.82 billion.

Tether, recognized for issuing stablecoins pegged to fiat currencies, notably the US Dollar, continues to assert its influence in the cryptocurrency market.

Meanwhile, Bitcoin experienced a surge, surpassing the $44,000 threshold following a day of volatility triggered by a Matrixport report on the potential approval of the US spot Bitcoin ETF. Tether’s strategic moves and Bitcoin’s market dynamics underscore the evolving landscape of the digital currency space.