The head of Tether commented on the release of 2 billion USDT on the Ethereum network
According to Paolo Ardoino, the issue was made within the framework of the company's operational activities
On March 10, analysts of the Whale Alert tracking platform reported that Tether has released another 1 billion USDT stablecoins on the Ethereum blockchain. The head of Tether, Paolo Ardoino, clarified that this is an authorized, but not released transaction. These coins will be used as stocks to meet purchase requests and network swaps. On March 8, he similarly commented on the release of another 1 billion coins in Ethereum.
USDT is the largest stablecoin in the cryptocurrency market by capitalization. On March 11, it reached a record $102.3 billion. In 2023, the share of the asset in the total volume of stable coins increased from 50% to 71%.
In addition to issuing and managing USDT, Tether is actively developing its bitcoin mining business. So, the company will spend about half a billion dollars to build its own mining farms and buy shares in other industry companies.
Tether has already bought 20% of the largest European miner Northern Data AG and joined the construction of data centers in Uruguay, Paraguay and El Salvador. In addition, together with the Government of El Salvador, the company launched a visa program for investments in the local economy in the form of BTC and USDT.
