- Tether minted over $1.2 billion in USDT tokens in April.
- $67 million left the USDT treasury in the last 24 hours.
- Only $241 million in USDT tokens remain in the Tether Treasury.
The stabelcoin platform minted over a $1.2 billion in USDT tokens last month, without providing new external audit data proving the platform holds $8B in liquidatable assets.
How Much Does the Tether Treasury Hold?
Despite minting over 1.2 billion USDT tokens, the treasury only holds a little 241 million USDT tokens. The 241 million USDT tokens are split among the various protocols Tether operates on.
The Omni asset protocol is based on the Bitcoin blockchain. USDT functions as a digital token on the Bitcoin blockchain. Tether tokens on the Omni protocol inherit Bitcoin’s TPS and security.
Tether’s Treasury wallet on the Omni protocol holds over 81 million Tether tokens. The last transaction was a 220 million USDT transfer out to another wallet with relatively infrequent activity.
Tether also operates on the Ethereum blockchain. Tether utilizes Ethereum’s ERC-20 platform to facilitate USDT transfers. Utilizing the Etheruem blockchain allows Tether to take advantage of Ethereum’s scalability. Furthermore, this allows USDT to be available in smart contracts and dApps (decentralized applications).
While we could not find Tether’s Treasury wallet labeled on the Ethereum blockchain, we cross referenced token balances from Tether’s transparency page and found one wallet address matching the balance exactly. This wallet on the Ethereum blockchain holds 106,703,279 million tokens, down from the 127 million tokens held yesterday. Unlike the wallet on the Omni blockchain, the Ethereum wallet sees far more activity. The last transfer in was a 120 million USDT input by “Bitfinex: MultiSig 2.”
In addition to the Bitcoin and Ethereum blockchain, Tether also operates on the Tron blockchain. Launching on the platform just last year, USDT can now integrate with Torn-based protocols and dApps (decentralized applications).
Tether’s Treasury wallet on the Tron blockchain holds 52,428,000 USDT tokens, down from 99,831,0000 tokens yesterday. This means that over 47 million USDT tokens left the Tether Treasury wallet in the last 24 hours.
Furthermore, many of the new Tether mints occur on the Tron blockchain.
Tether also operates on the Algorand blockchain as of July 2019. Tether chose to operate on Algorand due to the blockchain’s high scalability and TPS.
However, Tether does not hold and Treasury reserves on the Algorand blockchain. However a million dollars worth of Tether tokens are currently circulating on the Algorand blockchain.
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