Tether issued an additional 1 billion USDT, raising this year’s addition to a record-high $16 billion

Tether USDT

Tether issued additional 1 billion USDT on Monday. Same news in video:

Tether, the company behind USDT, added another $1 billion to its circulation today. The newly added token supply shows the stablecoin was issued on the Ethereum network at timestamp 15:56:47 UTC+8 today, June 12, 2023.

At $13.80 transaction cost

Data available from Whale Alert, the whale-tracking platform, shows that the 1 billion USDT transaction fee was just 0.00795564 ether, valued at $13.80.

Other mint information shows that the receiver address is linked to Tether Treasury. With today’s issue of an additional 1 billion USDT, Tether has supplied an additional 16 billion USDT since the beginning of this year. The stablecoin now has a market value equivalent to $83.2 billion. A record high by any standards.

Tron-Ethereum chain swap

A few hours after issuing the additional USDT, the company announced that it is coordinating a third-party chain swap that will enable users to convert from the Tron blockchain to Ethereum. The chain swap deal, according to Tether, will cost 750 million USDT to implement. The release further highlighted that the deal will not affect the total supply of the USDT stablecoin.

The announcement from Tether said,

“In a few minutes, Tether will coordinate with a 3rd party exchange to perform a chain swap, converting from Tron to Ethereum ERC20, for 750 million USD.” The #tether $USDt total supply will not change during this process.”

Tether gold also backed by physical assets like USDT

It is instructive to note that Tether is also behind Tether Gold, which the company describes as “a digital token backed by physical gold.” Tether said that by putting gold on blockchain, the company has been able to unlock a variety of characteristics that typically only crypto assets possess. The company said that its gold tokens are backed by physical gold stored in Switzerland. Just the way it has backed its USDT with physical USD currencies.

Author: Jofor Humani

Jofor is a crypto journalist with passion for investigative reviews.