🚨 Warning: $1 Billion USDT Has Been Printed in Tether’s Vault on the Ethereum Network.
Recently, Tether issued $1 billion of its stablecoin (USDT) on the Ethereum network as part of its “inventory replenishment” strategy. Tether’s CTO, Paolo Ardoino, confirmed that this issuance is “permissioned but not issued,” meaning that these tokens will remain in reserve to meet future demands and facilitate cross-chain exchanges.
Through this move, Tether aims to ensure sufficient liquidity and stability in the cryptocurrency market, as the new tokens are used as a reserve for future issuances rather than being added to actual circulation. However, the operations have drawn criticism from some observers who question Tether’s transparency and claim that such issuances could be used to influence the prices of other currencies such as Bitcoin.
