Some accounts that track blockchains for major coin creation, trading and movement have noticed a $1 billion approval of USDT in Tether’s Treasury that will offer USDT liquidity for the Tron network in the near future.
💵 💵 💵 💵 💵 💵 💵 💵 💵 💵 1,000,000,000 #USDT (1,000,719,999 USD) minted at Tether Treasuryhttps://t.co/NA4NnBjhyD
— Whale Alert (@whale_alert) September 19, 2023
WhaleAlert, a blockchain monitor, pointed out the $1 billion approval on X (the new name of Twitter), which triggered a swift reply from Tether CTO Paolo Ardoino who said that the USDT tokens would serve as stock to “refill” the Tron network.
Ardoino also said that the event was an approval and not a real creation, with the assigned amount set to act as stock for future creation requests and chain swaps from the Tron network.
Approving USDT in the Tether treasury enables the company to create USDT right away once they get customer funds to make sure that the issuer keeps 100% of its reserves.
