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Tether’s $1 Billion Unbacked USDT Defended as “Authorized But Not Issued”
Tether raised eyebrows earlier this week. The stablecoin appeared to print $1 billion worth USDT without the reserves to back it up.
Seeking to quell the controversy, CEO Paolo Ardoino assured people the mint was “an authorized but not issued transaction”.
At the time of writing, there Tron held $57.8 billion authorized USDT. However, $1 billion of this was unissued, resulting in a net total of $56.8 billion.
The practice is common across the 15 blockchains that host the stablecoin. There are currently $5.4 billion authorized but not issued USDT.
Commenting on the recent issuance, Ardoino explained that “this amount will be used as inventory for next period issuance requests and chain swaps.”
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