The issuing company Tether has minted an additional 4 billion USDT stablecoins over the past 30 days.
The company issued new “stablecoins” four times during the month:
- October 19 – 1 billion USDT on the Tron network;
- November 3 – 1 billion USDT in the Tron network;
- Nov. 9 – 1 billion USDT on the Ethereum network;
- November 10 – 1 billion USDT on the Tron network.
Tether CEO-designate Paolo Ardoino commented on WhaleAlert’s post at X, explaining that the latest transaction was a “replenishment of USDT reserves.”
For 2023, Tether has printed around 22 billion USDT – of which 13 billion (57%) in the Tron blockchain.
The market capitalization of the stablecoin reached $86.7 billion, up 3.5% over the month. The asset holds almost 6% of the share of the entire crypto market.
The dominance of USDT among other “stable coins” is 70%, the indicator of the nearest competitor in the person of USDC – just under 20%.
According to Ardoino, in addition to actively minting coins, Tether is working on the integration of an “extremely powerful” component for the ecosystem. In addition, the company will announce five new projects in 2024.
In early November, Tether reported $72.6 billion in reserves in U.S. Treasury securities. Together with cash, their share amounted to 85.7%.
Recall, in May, Ardoino said that the high profitability of the issuer gives the opportunity to consider new business directions.
Later it became known that Tether invested $1 billion in a bitcoin mining project in El Salvador. Further, the issuer directed $420 million to buy chips from Nvidia in exchange for a 20% stake in the mining company Northern Data.
