Tether replenishes reserves by 1 billion USDT


Stablecoin issuer Tether has authorized 1 billion USDT to be issued for the purpose of “resupplying” to support the exchange of the token on various blockchains.

This is the second such tranche for such a large amount. The first one was in April.

“Tether periodically works with various third parties (exchanges, hedge funds, etc.) to help them balance USDT liquidity across various networks», Paolo Ardoino, CTO of Tether, explained.

According to him, platforms may face a situation where most of the USDT ends up on one blockchain, but they may need to process withdrawals on another. For such cases, a cross-chain swap may be required.

Issued stablecoins remain in the Tether treasury in an “authorized but not issued” status. They do not participate in the calculation of capitalization.

Recall that in May 2023, Ardoino said that Tether is considering new lines of business due to high profitability.

In early June, the total market value of USDT hit a record high of $83.4 billion.

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