Tether Mints 1 Billion USDT Amid Bitcoin (BTC) Price Drop and Binance USD (BUSD) Scandal

Tether tokens

As reported by Whale Alert, stablecoin issuer Tether has minted another billion USDT. The event came right in the midst of the Binance USD (BUSD) scandal, which the U.S. Securities and Exchange Commission is reportedly seeking to have recognized as an unregistered security.

Tether’s CTO, Paolo Ardoino, was quick to announce to the public that the minting of a billion USDT is an authorized but unissued transaction. This amount will be used as inventory for issuance requests in future periods as well as chain swaps, Ardoino stressed. USDT and BUSD are among the largest stablecoins on the crypto market, with market capitalizations of $68.58 billion and $16.13 billion, respectively. While Binance USD contains the name of the world’s leading crypto exchange, where 90% of its turnover is concentrated, the issuer of stablecoin is Paxos, which will be a defendant before the SEC. It is also important to note that BUSD also accounts for 21% of all customer reserves on Binance.

Read more: u.today

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