According to Odaily, Tether Treasury has recently minted an additional 1 billion USDT on the Ethereum blockchain. The transaction was monitored and reported by Whale Alert, a live tracker for cryptocurrency transactions.
The minting of new tokens took place around 23:13. This move by Tether Treasury is part of its ongoing operations in the cryptocurrency market. The additional USDT tokens will add to the liquidity of the cryptocurrency market and could potentially influence the market dynamics.
Tether (USDT) is a stablecoin, a type of cryptocurrency that is designed to maintain a stable value relative to a specific asset or a pool of assets. USDT is pegged to the US dollar, with Tether claiming that each token is backed by one US dollar held in reserve.
The Ethereum blockchain is a decentralized, open-source blockchain featuring smart contract functionality. It is the second-largest cryptocurrency platform by market capitalization, after Bitcoin. Tether's decision to mint additional USDT on this platform could be seen as a vote of confidence in Ethereum's stability and security.
