On-Chain Tether Treasury Activity Revealed
Attention, crypto enthusiasts! A significant on-chain movement has just been detected involving the Tether Treasury.
Here's a breakdown of the recent activity:
1. Tether Treasury minted a staggering $1 billion USDT on the Tron network. This massive transaction initiated from the Black Hole Address (T9yD1), moving the funds to the Tether Multisig wallet (TBPxh).
2. Following this, the funds were subsequently transferred to the Tether Treasury account (TKHuV).
These actions represent the minting phase of what is known as a chain swap.
Usually, after such a minting event, an equivalent amount of USDT would be burned on another blockchain. However, in this case, there's a twist.
Paolo Ardoino, the CTO of Tether, clarified the nature of this transaction. He confirmed that while the transaction is authorized, it is not issued. In simpler terms, the recently minted $1 billion USDT will not immediately enter circulation. Instead, it will be held as inventory, ready to be used for upcoming issuance requests and chain swaps in the foreseeable future.
For those keen on verifying this activity, a direct link to the Tether Treasury Address will be provided in the subsequent communication. Stay tuned, and keep an eye on the blockchain!
On-Chain Tether Treasury Activity Revealed
Attention, crypto enthusiasts! A significant on-chain movement has just been detected involving the Tether Treasury.
Here's a breakdown of the recent activity:
1. Tether Treasury minted a staggering $1 billion USDT on the Tron network. This massive transaction initiated from the Black Hole Address (T9yD1), moving the funds to the Tether Multisig wallet (TBPxh).
2. Following this, the funds were subsequently transferred to the Tether Treasury account (TKHuV).
These actions represent the minting phase of what is known as a chain swap.
Usually, after such a minting event, an equivalent amount of USDT would be burned on another blockchain. However, in this case, there's a twist.
Paolo Ardoino, the CTO of Tether, clarified the nature of this transaction. He confirmed that while the transaction is authorized, it is not issued. In simpler terms, the recently minted $1 billion USDT will not immediately enter circulation. Instead, it will be held as inventory, ready to be used for upcoming issuance requests and chain swaps in the foreseeable future.
For those keen on verifying this activity, a direct link to the Tether Treasury Address will be provided in the subsequent communication. Stay tuned, and keep an eye on the blockchain!
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On-Chain Tether Treasury Activity Revealed
Sep 19, 2023
On-Chain Tether Treasury Activity Revealed
Sep 19, 2023