$215.09 -0.98%
ETH · 14w

Tether Mints $150 Million on Ethereum

Tether has just authorized the issuance of $150 million USDT on ethereum’s blockchain earlier today.

A fee of just $0.43 was paid to create $150 million worth of ERC-20 tokens with Tether’s market cap now rising to above $3.3 billion.

Tether prints $150 million on ethereum, June 2019

“This is authorized but not issued,” Paolo Ardoino, Bitfinex CTO said, meaning “these tethers were created in the treasury wallet that will be used to full fill future issuance requests.”

Last time we looked, on May 26th 2019, Tether had printed $500 million eth based USDT in total, with about $45 million authorized, but not issued.

That $45 million has presumably been taken up, so they’ve now minted $150 million more, about a third of all previous eth USDT, for whoever wants them.

With that generally being China. According to a report by Diar, China accounts for more than 60% of tether’s volumes. They say:

“Data provided to Diar by blockchain analysis firm Chainalysis highlights the magnitude of Chinese Tether demand with over $16Bn received by exchanges based in that market in 2018. This year the number has already surpassed an outstanding $10Bn, setting the stage for the biggest year yet.”

It’s not clear whether anything can be read by the fact this was issued on eth rather than the bitcoin based omni which has far more tokens running on it:

Tether stats, June 2019

There’s still $165 million to be taken up on bitcoin, while in eth it’s actually not very clear what that’s saying in light of Ardoino’s comment above.

The page itself shows eth USDT has grown from $500 million to $650 million with only about $3 million authorized, but not issued.

Whether someone has taken up this tether after Ardoino’s comment earlier today, is not clear, but apparently they issue tether on tron too and they even have 50 cent on eos.

Why do it over all these different blockchains, is not clear, but it may be they receive eth...

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