Tether Mints 2 Billion USDT on Ethereum’s Blockchain
Tether, the issuer of a popular stablecoin, has recently created a significant amount of USDT on the Ethereum network, sparking discussions about the potential impact on the crypto market as Donald Trump returns to the White House in January 2025.
Following Trump’s victory in the US presidential election, the crypto market saw a significant shift in prices. Assets like Bitcoin reached record highs as investors predicted positive policies for the crypto industry under the new administration. Wall Street stocks also saw a surge, while the US dollar experienced its largest boost in eight years.
According to a post by Whale Alert, Tether’s treasury recently minted 2 billion USDT on the Ethereum blockchain on November 23. This comes after the company minted $1 billion worth of USDT on the Tron blockchain with no fees.
The transaction fee for this latest mint was only $8.56. CEO of Tether Paolo Ardoino confirmed the news and explained that the large transaction was for inventory replenishment on the Ethereum network. He stated that this amount will be used for future issuance requests and chain swaps.
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