Recent reports show that Tether (USDT), one of the most popular stablecoins, has increased its supply by an impressive 1 billion USDT.
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Tether CEO explains the stock change
Tether recently announced that it had completed a transaction to increase its shares by 1 billion USDT. This information is causing a stir in the crypto world, where the focus has been on the fact that it was uncirculated USDT.
These uncirculated stablecoins are typically used for internal purposes and are not traded directly on the market. It seems that Tether wants to maintain its position as the main stablecoin and avoid possible liquidity problems.
According to the CEO, the 1 billion USDT has been approved but not yet spent. He said this in a reply to one X contribution. The statement emphasizes that the new offering has not yet launched, which could help allay concerns about a possible USDT glut.
“Please note that this is an authorized but unspent transaction, which means that this amount will be used as inventory for the next period of issuance requests and chain swaps,” Ardoino explained.
Not to mention crypto skeptics
Not everyone is happy with the change in the Tether landscape. For example, X user Hekmuts Meskonis expresses his concern about the lack of transparency.
“It would be interesting to examine the document or agreement and learn more about the people responsible for this Christmas miracle where 1 billion USDT was created out of nothing,” he said. Meskonis on X.
Some skeptics also claim that the recent decline in USDT is likely being used to boost the price of Bitcoin (BTC). They claim this as some industry analysts have linked Tether’s USDT reprints to BTC price inflation. “Just say directly that you printed it to pump up Bitcoin.” Another user replied in the thread.
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