NEW YORK - Tether, the company behind the widely used USDT stablecoin, has recently increased its token issuance, adding 2 billion USDT to its inventory on the Ethereum and Tron blockchains. The latest minting activities occurred on Thursday and Friday, with 1 billion USDT issued on each platform. This move aligns with Tether's practice of responding to market demand and precedes the launch of five innovative projects slated for 2024 aimed at challenging established Web2 services.
The cryptocurrency firm has had a dynamic year, with significant token minting and burning events. In March, Tether minted an eye-catching 9 billion USDT, followed by an additional 3 billion in April. From June through July, it introduced another 3.75 billion USDT into circulation. However, Tether also engaged in coin burning to reduce supply, destroying 1.2 billion Tron USDT in August and a substantial 2 billion Ethereum USDT earlier in February.
These actions come after several banks such as Silicon Valley Bank, Silvergate, and Signature Bank (OTC:SBNY) halted operations earlier in the year. Tether faced allegations regarding exposure to these banks but firmly denied any connections.
Looking forward, Tether's CEO Paolo Ardoino has announced ambitious goals for the upcoming year. In 2024, the company plans to unveil five disruptive initiatives intended to replace popular centralized Web2 services. These projects reflect Tether's strategic direction towards innovation and potential market expansion.
Overall, Tether's aggressive minting strategy has seen a total of 22.75 billion USDT created this year alone, with the majority being issued on the Tron blockchain. Despite this expansion, the company continues to adjust its supply actively, balancing market needs with operational stability.
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