Tether, the company responsible for issuing the USDT stablecoin, has authorized the issuance of another 1 billion coins on the Tron network.
This move comes after Tether last topped up its reserves in December 2023, during which time 1 billion USDT was also printed.
The market capitalization of Tether's stablecoin continues to grow and currently exceeds $94 billion.
💵 💵 💵 💵 💵 💵 💵 💵 💵 💵 1,000,000,000 #USDT (1,000,497,499 USD) minted at Tether Treasuryhttps://t.co/MemZiSBIW2 — Whale Alert (@whale_alert) January 9, 2024
It is worth noting that this figure stood at $91.66 billion by the end of 2023. According to DeFiLlama, the USDT market dominance rate has now exceeded 70.6% compared to 70.2% in December last year.
Recall that in early December 2023, Tether made about $1.1 billion in unrealized gains on its investment in #bitcoin.
As you know, Tether is mired in a legal dispute surrounding the deposits of USDT steiblcoin issuer worth $1 billion, which is currently pending in the High Court of Justice in London. In addition, the company has taken action by freezing addresses related to conflict funding in #Ukraine and #Israel.
The continuous growth and development of Tether and its stablecoin is a testament to its importance and impact on the cryptocurrency market. And with each new development, #Tether strengthens its position as a key player in the industry.
