The stablecoin issuer Tether has minted $8 billion worth of USDT on Ethereum (ETH) and Tron (TRX) in the past three months, according to the crypto tracker Lookonchain.
Lookonchain notes the Tether treasury just minted $1 billion in USDT on Ethereum on Monday.
Tether CEO Paolo Ardoino says the recent minting was an “inventory replenish” on the Ethereum Network.
“Note this is an authorized but not issued transaction, meaning that this amount will be used as inventory for next period issuance requests and chain swaps.”
USDT is the largest stablecoin by market cap and aims to maintain a 1:1 peg to the US dollar.
Earlier this month, Ardoino announced in a letter to lawmakers that Tether was onboarding federal law enforcement agencies like the United States Secret Service (USSS) and the Federal Bureau of Investigation (FBI) as a means of combating crime.
“Tether continues to play a critical role in assisting law enforcement. As recently highlighted by the U.S. Department of Justice (DOJ), our work has helped thwart bad actors and aid victims’ recovery.
Tether recently onboarded the United States Secret Service into our platform and is in the process of doing the same with the Federal Bureau of Investigation (FBI). These strategic relationships reinforce our commitment to supporting law enforcement in combating nefarious activities and contributing to the recovery of victims’ funds.”
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Source: https://dailyhodl.com/2023/12/27/tether-mints-8000000000-in-usdt-on-ethereum-eth-and-tron-trx-within-three-months-on-chain-data/