Tether reach $15 billion in newly minted USDT tokens since the start of 2023. By this..
- USDT reached its highest point of market capitalization since Terra’s collapse.
- Tether’s CTO believes that USDT will be the safest option for users.
Recently, Whale Alert, the cryptocurrency analyzer and tracker, reported that the Tether Treasury minted over a billion USDT tokens on the Ethereum network. Tether’s CTO, Paolo Ardoino, tweeted that the newly minted USDT tokens have not yet entered circulation. He added that it is an authorized but not issued transaction. This means that Tether will use the newly minted tokens as inventory for future issuance and other swaps.
That made Tether reach $15 billion in newly minted USDT tokens since the start of 2023. By this, the stablecoin has witnessed an increase of around 15% in its market capitalization. According to the data, USDT’s market share stands at 63%, which is its highest point in the last two years.
Tether as the Alternative Solution
Moreover, Tether is one of the topics discussed in this week’s House of Financial Services subcommittee hearing on stablecoins in Washington, D.C. The discussion is about the lack of federal rules for stablecoin issuers in the United States.