Tether's consecutive issuance of 1 billion USDT sparks discussion, CTO responds: It is for cross-chain swaps.
On the afternoon of June 12th, the on-chain data account Whale Alert discovered that Tether issued 1 billion USDT from its treasury. Paolo Ardoino, the Chief Technology Officer, explained that this issuance was to replenish USDT on the Ethereum network. This transaction was only authorized, not issued, and signifies that it will be used for the issuance demand in the next cycle and for inter-blockchain swaps. The authorized token quantity will not be included in the market cap.
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Binance Announces: Will Swap 750 Million TRON-Based USDT to Ethereum
Binance announced on the evening of June 12 that at 12pm UTC, 8:00 pm Taiwan time, they will collaborate with the Tether team to transfer 750 million TRON-based USDT to the Ethereum network to meet the needs of users on both chains. Any significant movement of USDT from Binance is due to this reason.
After 12pm UTC today, #Binance will be swapping 750M USDT-TRX for USDT-ETH directly with the Tether team to ensure stablecoin liquidity across all chains for our users.
If you see any significant movements of USDT from our wallets today, that's why.
Funds are SAFU.
— Binance (@binance) June 12, 2023