Tether treasury adds 1 billion USDT on Ethereum blockchain
According to Odaily, the Tether Treasury recently minted an additional 1 billion USDT on the Ethereum blockchain. Transactions are tracked and reported by Whale Alert, a live tracker of cryptocurrency transactions.
Minting of new tokens takes place at approximately 11:13 p.m. This move by Tether Treasury is part of their ongoing activity in the cryptocurrency market. Additional USDT tokens will further increase the liquidity of the cryptocurrency market and potentially influence market dynamics.
Tether (USDT) is a stablecoin, a cryptocurrency designed to maintain a stable value relative to a specific asset or group of assets. USDT is pegged to the US dollar, Tether claims that each token is backed by one US dollar in reserve.
The Ethereum blockchain is a decentralized open source blockchain with smart contract functionality. It is the second largest cryptocurrency platform by market capitalization, after Bitcoin. Tether's decision to mint more USDT on the platform can be seen as a vote of confidence in Ethereum's stability and security.
