Minting Mania: The Numbers Speak
Tether has been working overtime, minting a staggering 4 billion USDT tokens in just one month. Yes, you read that right – that’s enough USDT to make even Scrooge McDuck reconsider how he manages his gold coins. According to Whale Alert, the most recent batch included 1 billion USDT minted on the Tron blockchain on November 10, just a day after another 1 billion was issued on Ethereum. Tether’s total minting activities for 2023 show that a whopping 22.75 billion USDT has been issued this year, with 57% (or 13 billion) on Tron and 9.75 billion on Ethereum. Talk about a rally!
The Inventory Shuffle
On social media, Paolo Ardoino, Tether’s CTO and newly appointed CEO, described recent transactions as inventory replenishments. His cryptic message, “authorized but not issued,” might sound like a riddle for the uninitiated, but it essentially means these minted tokens are set aside for future issuance and swaps. So, don’t worry, folks – they’re keeping things under control, or at least they say so!
Burning Bright: Tether’s Coin Management
While minting has been the big news, Tether has also been practicing some fiery coin management by burning USDT. This summer, they decided to let go of 1.2 billion USDT on the Tron blockchain and previously torched 3.1 billion in June. It’s a bit like a crypto game of keep-away: minting here, burning there. Clearly, they’re keeping the market guessing.
Reactions from the Cryptocurrency Community
But with great minting power comes great skepticism. Members of the crypto community are quick to point out that heavy minting previously led to bank failures. One eagle-eyed enthusiast made a cheeky reference to how once this much Tether was printed, several banks went belly-up in March 2023. Tether has vehemently denied any exposure to those banks, reiterating they are as unaffected by bank woes as a cat at a dog show.
Looking Ahead: Tether’s New Projects
Amid all this minting madness, Tether is keeping its sights set on the future. Ardoino has announced plans for five new projects in 2024 that might just shake things up in the Web2 world. He promised these initiatives could potentially blow some popular centralized services out of the water. Only time will tell whether this is the bold proclamation of a visionary or just another corporate hype train.
