Tether mints $1 billion USDT on Ethereum, forecasting an ETF approval
Note this is an authorized but not issued transaction, meaning that this amount will be used as inventory for next period issuance requests and chain swaps
The market upswing was driven by hopes that the U.S. Securities and Exchange Commission (SEC) will approve a spot Ethereum (ETH) ETF for trading this Thursday.
Whale Alert first reported the minting on Tuesday, which was replied to and confirmed by Tether CEO Paolo Ardoino, who wrote, “PSA: 1B USDt inventory replenish on Ethereum Network. Note this is an authorized but not issued transaction, meaning that this amount will be used as inventory for next period issuance requests and chain swaps.”
This is not the first time Tether has minted tokens amid speculation of a spot ETF. Tether minted $1 billion USDT tokens in January during rumors of a spot Bitcoin ETF.
