Tether recently minted 1 billion USDT tokens, worth $1,000,400,000, on the Ethereum blockchain, with a transaction fee of 0.0132594 ETH or $25.72.
Tether’s CTO, Paolo Ardoino, explained that the tokens were minted as inventory for future issuances and chain swaps, and had not yet been issued.
Tether announced a $700 million profit for Q4 2022, boosting its consolidated assets to around $67.04 billion, with liabilities of $66.08 billion. Ardoino projected that Tether’s excess reserve would increase by another $700 million in Q1 2023, bringing it to $1.66 billion, significant growth for the company.
Tether’s user adoption also seems to be on the rise, with the number of USDT addresses created crossing 30 million for the first time. According to Ardoino, Tether is a safe alternative to failing banks and is the best choice for users looking to divert funds from them.