Tether mints another billion USDT on Ethereum network
During late hours yesterday, Tether, a stablecoin issuer, recently minted one billion USDT tokens on the Ethereum network. Paolo Ardoino, Tether’s CTO, explained that the minting symbolized an “inventory replenish” and clarified that it was an “authorized but not issued transaction.” This means the amount will serve as inventory for future issuance requests and chain swaps.
USDT still maintains a 1:1 peg with the US dollar
As the most popular stablecoin in the crypto industry, USDT maintains a 1:1 peg with the United States dollar. It is widely used for trading on major exchanges that do not accept fiat currencies.
Tether’s hold on the stablecoin market is tightening, with the company dominating the Ethereum blockchain as the leading stablecoin issuer. Over 35 billion tokens of USDT exist on Ethereum, outpacing its nearest competitor, Circle’s USDC, which accounts for less than 30 billion tokens. Binance USD is not currently minting new tokens and holds less than seven billion tokens.
When considering the entire stablecoin supply across multiple blockchains, Tether’s supremacy in the industry becomes even more apparent. USDT makes up over 81.5 billion dollar-pegged tokens, while USDC lingers below 30 billion tokens. No other stablecoin comes close to challenging Tether’s dominance.
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