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Tether Treasury mints 300M USDT to replenish inventory on Tron blockchain

Tether Treasury mints M USDT to replenish inventory on Tron blockchain

Tether Treasury has minted another 300 million USDT tokens raising the company’s total USDT assets to $10.8 billion, according to its transparency page.

Tether (USDT) has grown rapidly across the last few months, doubling its market cap in less than five months. The company has conducted an aggressive printing campaign that has been criticized by its community. However, Paolo Ardoino claims that the purpose of the latest USDT minting is quite different.

Tether Treasury mints 300M USDT

The CTO of Tether and crypto exchange platform Bitfinex, Paolo Ardoino, stated that the minting is done to replenish the USDT inventory on the Tron network. He added that the newly minted USDT is authorized but not issued, meaning that it will be used as inventory in the near future.

However, crypto Twitter still doubts Paolo’s claim. While some users wondered if the demand for USDT on Tron was that high, others criticized the aggressive printing campaign. Many users compared the Tether Treasury’s printing campaign to Fed’s money printing during the COVID-19 pandemic.

USDT on Tron surpasses 3.4 billion units

The founder and the CEO of the Tron Foundation, Justin Sun, took it to Twitter to announce that the circulation amount of USDT on the Tron blockchain has surpassed 3.4 billion.

Last year Justin Sun predicted that Tron-based USDT would become the largest stablecoin in the world. However, most USDT in circulation is on the Ethereum blockchain. The Ethereum blockchain hosts $6.28 billion worth of USDT compared to Tron’s $3.1 billion.

Other blockchains hosting the USDT stablecoin are OMNI, EOS, Algorand, SLP, and Liquid.

Bilal Ahmed

Bilal Ahmed

Bilal Ahmed is a blockchain enthusiast and an avid reader who loves writing about ramifications of blockchain and cryptocurrencies. He believes in doing due diligence with facts before transmitting.

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