Whale Alert tweeted that stablecoin issuer Tether minted 1 billion $USDT on the Ethereum network at 7:56:47 UTC on June 12th.
According to TokenInsight data, the Bitcoin price went up around $150 after the news was released and is now trading at $25,958.52.
Tether CTO Paolo Ardoino said this is an authorized but not issued transaction, meaning that this amount will be used as inventory for next period issuance requests and chain swaps.
The current market cap of $USDT is $83,626,622,464.
Also, according to DefiLlama data, the current $USDT market cap represents 65.05% of the total stablecoin market cap.
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