Tether authorizes $1B USDT to ‘replenish’ Tron network
Cointelegraph
19 Sep 2023 11:27 AM
Tether has created $1 billion worth of “authorized but not issued” USDT to replenish the Tron network for future issuance requests and chain swaps....
- Blockchain tracker WhaleAlert flagged a $1 billion authorization of Tether (USDT) in Tether's Treasury.
- The authorization is set to provide near-term USDT liquidity for the Tron network.
- Tether's CTO, Paolo Ardoino, clarified that the USDT tokens would be used as inventory to "replenish" the Tron network.
- The authorized amount will serve as inventory for upcoming issuance requests and chain swaps from the Tron network.
- Tether's market capitalization has surpassed $83 billion in 2023, with $16 billion in USDT minted since January.
- USDT remains the leading USD-pegged stablecoin, while Circle's USDC stablecoin has seen a decline in market cap due to the collapse of Silicon Valley Bank.
The article provides information about a $1 billion authorization of Tether in Tether's Treasury to support the Tron network. It also highlights Tether's market capitalization and the decline in market cap of Circle's USDC stablecoin. The sentiment is neutral.