Tether Mints $2 Billion USDT on Ethereum Amid Crypto Market Decline
Tether has minted $2 billion in USDT on the Ethereum network, which is the largest mint since December 2024. This action follows a swap by Binance of 2 billion USDT from Tron to Ethereum. No corresponding burning activity on Tron has been noted, typically expected during cross-chain swaps.
- Whale Alert reported the minting on September 4.
- Paolo Ardoino, Tether's CEO, confirmed the swap transaction with Binance.
- The mint does not put the tokens into circulation immediately; they are held as inventory for potential future demand.
- This kind of minting is usually for inventory replenishment and can happen multiple times daily across various networks.
- The last significant mint was also $2 billion on December 6, 2024.
Bitcoin experienced a pullback after reaching $100,000 in December 2024. The recent mint coincided with market fluctuations following the US August jobs report. Historically, Tether's mints have correlated with price recoveries in Bitcoin.
Currently, Bitcoin trades at $109,483, and analysts suggest potential gains could push it toward $118,000, especially with upcoming Federal Reserve meetings signaling possible interest rate cuts.