The news which was first announced by Whale Alert, a tracker of large transactions, confirmed that, on Monday, August 9th, the leading stablecoin minted 1 billion USDT tokens and sent them to the TRON network.
Since Tether (USDT) is a stablecoin, its digital coins in circulation are backed by traditional fiat currencies. The newly minted 1 billion USDT issued brings the total USDT on the TRON Network to $32 billion.
This is not the first instance of the world’s largest stablecoin minting new tokens. On March 10th it was reported that Tether had minted 1 billion USDT tokens. Similarly, in September 2020, reports also emerged that the Tether Treasury had minted another 1 billion Tether, however, these were sent to unknown wallets. When the issue of minting new tokens arose earlier in August, Paolo Ardoino, CTO of Tether, reported that;
1B USDT inventory replenished on TRON 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.