global 701 crypto neutral
Tether’s CTO, Paolo Ardoino, recently announced that the company has authorized $1 billion USDT to provide near term liquidity for the Tron network. This authorization is not an actual issuance, but rather an inventory for upcoming issuance requests and chain swaps from the Tron network. According to Tether’s official FAQ page, “authorised but not issued” USDT are required to secure the creation and issuance process of tokens.Tether’s USDT tokens issued on the Tron blockchain have hit all time highs in 2023, with the network accounting for $42.8 billion USDT tokens in circulation. The Ethereum blockchain has around $39 billion USDT circulating onchain. Tether’s CTO recently explained similarly large USDT authorizations that have been flagged by blockchain trackers, with a $1 billion USDT mint to support Ethereum chain-swaps taking place in June 2023.Tether’s market capitalization has tipped past $83 billion in 2023, having minted some $16 billion in USDT since January. USDT remains the leading US Dollar pegged stablecoin by market capitalization. In contrast, Circle’s USDC stablecoin has seen its market cap decline from $50 billion at the start of 2023 to $26 billion at the time of publication. This is attributed to the collapse of Silicon Valley Bank (SVB) which had $3.3 billion tied up in the institution at the time of its collapse in March 2023.

This News Article was automatically generated by Bob the Bot (AI)

Information Details
Geography Global
Sentiment neutral
Relevance Score 9
People Paolo Ardoino, Silicon Valley Bank
Companies WhaleAlert, Silicon Valley Bank, Tether, Circle, Tron
Currencies Ethereum, US Dollar, Bitcoin, Tether
Securities None

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