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Tether Mints Another Billion USDT on Ethereum As Its Stablecoin Dominance Grows

Stablecoin issuer Tether has minted one billion USDT tokens on the Ethereum network, representing an "inventory replenish," according to Tether CTO Paolo Ardoino. USDT is the most popular stablecoin in the crypto industry and is commonly used to facilitate trading on large exchanges that don't accept fiat currencies. Tether's dominance in the stablecoin market is growing, with over 35 billion USDT on Ethereum, compared to less than 30 billion for its closest competitor, USDC. Tether's supply has historically indicated the direction in which the price of bitcoin or the crypto market will trend, according to some analysts. Tether reported a net profit of $700 million for Q4 2022, with consolidated total assets of at least $67.04 billion and consolidated total liabilities of $66.08 billion.

(By Adam James)

Tether USDt Tether USDt $1.00
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Tether USDT
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