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Tether has recently minted another billion USDT in an "authorized but not issued" transaction, according to CEO Paolo Ardoino. This announcement came after blockchain tracking platform Whale Alert reported the creation of 1 billion USDT ($1 billion) by Tether Treasury on December 25.
Cointelegraph noted that Tether is the operator of the world's largest stablecoin.
Explanation of Authorized but Not Issued Transaction
Addressing the concerns raised by the community, Tether CEO Ardoino provided a public service announcement in the Whale Alert X thread, stating that the transaction was an "inventory replenish" on the Ethereum blockchain. According to CryptoSlate, he clarified that the minted USDT would be used as inventory for forthcoming issuance requests and chain swaps.
"Authorized but not issued" USDT refers to newly created tokens stored in Tether's treasury inventory. These tokens are separate from the total market capitalization of USDT, as they have not been released into circulation. Tether's FAQ highlights the distinction between authorized and issued USDT. As of December 26, 2023, approximately $925 million in USDT is classified as "authorized but not issued" on the Ethereum blockchain.
Similarities to Previous Minting Incident on Tron Network
Ardoino's latest public announcement resembles a 1 billion USDT mint on the Tron network in September 2023. As with the current minting, he clarified that the transaction was an authorization rather than an actual issuance. The allocated amount was destined to serve as inventory for future issuance requests and chain swaps on the Tron network.
Despite the explanations provided by Ardoino, some individuals in the online community remain skeptical about the transparency of Tether's authorized but not issued transactions. Queries have been raised regarding the specifics of the transaction document and the responsible parties involved in making such decisions.
Moreover, skeptics have suggested the minting of the latest 1 billion USDT may be intended to influence the price of Bitcoin. Several industry observers have previously linked Tether's USDT minting to alleged price manipulation in the Bitcoin market.
While Tether's treasury inventory serves a specific purpose and is separate from the circulating supply, transparency, and potential market manipulation concerns remain in the spotlight.
Photo: Tether Website
