- Tether minted $4 billion worth of new USDT tokens in the past month on Tron and Ethereum blockchains.
- On November 10, Tether minted 1 billion USDT on the Tron network, following the issuance of 1 billion USDT on Ethereum on November 9.
- Tether’s CTO, Paolo Ardoino, clarified that the November 10 minting was an “authorized but not issued transaction”
Major stablecoin issuer Tether has minted around $4 billion worth of new USDT tokens over the past month across the Tron and Ethereum blockchains.
On November 10, Tether minted another 1 billion USDT on the Tron network, according to blockchain tracking service Whale Alert. This comes just days after Tether issued 1 billion USDT on Ethereum on November 9 and two batches of 2 billion USDT on Tron on November 3 and October 19.
Tether CTO Paolo Ardoino commented on the latest mint, clarifying on Twitter that it was an “authorized but not issued transaction” to replenish Tether’s inventory for future issuance requests and chain swaps.
The recent spate of USDT minting accounts for a significant portion of Tether’s total issuance this year. Per Whale Alert data, Tether will have minted around 22.75 billion USDT in 2022, with 13 billion, or 57%, on Tron. The remaining 9.75 billion were issued on Ethereum.
Tether has been ramping up new USDT printing
Tether has been ramping up new USDT printing over the past year, minting a massive 9 billion in March 2022 plus another 3 billion the prior month, per Whale Alert. More large batches were issued in the summer before slowing in the fall.
Some burns have accompanied the aggressive minting, like the 1.2 billion USDT destroyed on Tron in August. But net issuance has still ballooned in 2022.
The latest minting sparked reactions on crypto Twitter, with some recalling how previous bouts impacted the market. One user noted the last time Tether printed this much USDT in a week, “a whole bank blew up,” referring to March meltdowns at crypto-friendly Silvergate and SVB.
Beyond minting new USDT, Tether has hinted at major ecosystem integrations coming in 2023 that could “obliterate some popular Web2 centralized services.”
As the largest stablecoin by market cap, Tether’s minting and circulation trends remain an important barometer for the crypto market’s overall health and liquidity environment. Its recent printing suggests continued strong demand for accessing USDT across different blockchains.