The USDT token issued my Tether, which is the top stablecoin by market capitalization, has been on high demand recently.
Yesterday, 250 million USDT Tether tokens were minted at the Tether treasury as reported by Whale Alert tracker on Twitter.
💵 💵 💵 💵 💵 💵 💵 💵 💵 💵 250,000,000 #USDT (250,594,163 USD) minted at Tether Treasury
— Whale Alert (@whale_alert) September 14, 2020
Today 1 billion USDT Tether tokens were minted at the Tether treasury as reported by Whale Alert tracker on Twitter.
💵 💵 💵 💵 💵 💵 💵 💵 💵 💵 1,000,000,000 #USDT (1,002,251,905 USD) minted at Tether Treasury
— Whale Alert (@whale_alert) September 15, 2020
However, according to Tether, the newly printed USDT will not affect the total supply of the stablecoin as they announced yesterday on Twitter that it will be used to perform a swap from Tron to ERC20.
Tomorrow Tether will coordinate with a 3rd party to perform two chain swaps (conversion from Tron to ERC20 protocol) for 1B USDt.
Tether total supply will not change during this process.
Read more here: https://t.co/abfgnELSvi
— Tether (@Tether_to) September 14, 2020
What is Tether?
Tether is a stable cryptocurrency stored on the blockchain and its value is tied to the US dollar. The company behind the top stablecoin which is traded under the USDT ticker claims that Tether is backed by FIAT and cryptocurrencies.
Tether market cap at the time of writing is 14,7 billion US dollars according to Coinmarketcap. At the time of the epic bull run of 2017, the stablecoin market cap was around 1 billion Us dollars. Many analysts think that Tether was one of the major players responsible for the massive bull run at the time. If this is true we only can imagine what can be done with the actual 14,7 billion US dollars.