Tether, the crypto company behind USDT, made a big move on the TRON network today. This move resulted in the printing of 1 billion USDT.
Tether minted millions of USDT, here’s why
Cryptocurrency tracking platform called Whale Alert announced this giant step of Tether on September 19 at 12.54. After the announcement of this big step, different reactions came from the cryptocurrency community. Some cryptocurrency users stated that this move was made to support a possible rise in the market. However, others noted that the market is currently low volume so such a large amount is unnecessary.
https://twitter.com/whale_alert/status/1704071432584528368
Tether CTO Paolo Ardoino clarified the situation. Paolo Ardoino stated that the 1 billion USDT printed had not yet been released to the market and was for inventory replenishment. Ardoino stated that these printed USDTs will be kept for future issuance requests and chain swaps. So, these printed cryptocurrencies are not yet on the market.
https://twitter.com/paoloardoino/status/1704071703612014729
However, this move, along with Paolo Ardoino’s statement, does not increase the supply in the market for now. However, it is possible that it will be released to the crypto market in the near future. These USDTs, which will be used in future network swap transactions and collaborations with exchanges, represent a significant inventory of Tether.
TRON network is on the agenda again with USDT transactions
Especially large exchanges such as Binance have previously carried out important transactions with Tether. For example, Binance previously ran an operation with Tether where it moved millions of USDT from the TRON network to the Ethereum network.
Tether took a similar step last June and absorbed 1 billion USDT. This was part of the company’s strategy to strengthen its inventory. Tether frequently takes such steps to maintain its power in the stablecoin market. This application also enables it to provide better service to its users.
As a result, Tether’s printing of 1 billion USDT via the TRON network caused concerns. This move shows that Tether is continuing its operational preparations and strengthening its position as a major player in the cryptocurrency market. At the same time, Tether’s strategy once again demonstrates that it aims to provide better service to its users by deeply understanding the dynamics and functioning of the cryptocurrency industry. By the way, we should point out that Tron’s founder recently came to the fore with the tokens he printed.
Justin Sun blasts this crypto project
As reported by Kriptokoin.com, the Tron founder launched JustLend’s TVL this week. According to Sun, these transactions were only about himself.
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