Tether treasury mints $300 million in USDT

Tether has performed a $300 million chain swap transaction for Binance, swapping the stablecoin from the Omnichain to the Ethereum ERC-20 chain

More than $300 million in USDT has been minted at the Tether treasury this morning, according to an alert on Twitter.

Ten minutes after being minted, the stablecoins were sent to Binance, which has 68 active trading pairs using USDT.

Tether revealed in an update that the minted USDT was part of a chain swap from Omni to ERC-20, and that the total supply of Tether will not change.

Binance initially sent $300 million worth of USDT to the Tether treasury on the Omnichain before it was converted to the ERC-20 protocol and sent back.

Tether has come under intense scrutiny over the past year. This was highlighted in July when the stablecoin issuer ‘accidentally’ minted $5 billion worth of tokens before burning them, causing volatile swings in price.

Concerns have also been raised in connection with the company’s ongoing case with the New York Attorney General’s office (NYAG), with Tether finding itself in hot water for allegedly serving New York residents throughout 2018.

This coupled with rumours of insolvency and limited banking arrangements in 2018 has seen Tether become a bastion of distrust within the digital asset ecosystem.

However, the firm vehemently denies allegations from the NYAG and any wrongdoing, stating that the claims are “misleading”.

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