Tether Mints Additional $1 Billion USDT on Ethereum Amid $5 Billion Weekly Issuance
Whale Alert reports that Tether minted $1 billion USDT on Ethereum, contributing to a $6 billion weekly stablecoin issuance from Tether and Circle.
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Summary
On October 2, Whale Alert reported that Tether minted $1 billion USDT on the Ethereum network. This comes as part of a broader $6 billion stablecoin issuance by Tether and Circle over the past week, highlighting a significant increase in stablecoin supply.
Terms & Concepts
- USDT (Tether): A widely used stablecoin pegged to the US dollar, commonly used for trading and transferring value in the crypto market.
- Ethereum Network: A blockchain platform that supports decentralized applications and smart contracts, also used for issuing various tokens including USDT.
- Stablecoin Minting: The process of creating new units of a digitally pegged asset, typically backed by reserves or equivalent asset value.