Tether has created $1 billion worth of “authorised but not issued” USDT to replenish the Tron network for future issuance requests and chain swaps.
As per Tether’s official FAQ page, “authorised but not issued” USDT are required to secure the creation and issuance process of tokens:
“By creating “authorised but not issued” USDT, Tether limits the number of times Tether’s signers need to access their authorisation private keys, thereby reducing their exposure to security threats.” Having authorized USDT in the Tether treasury allows the company to issue USDT instantaneously once customer funds are received to ensure that the issuer maintains 100% backing of its reserves., USDT tokens issued on the Tron blockchain hit all time highs in 2023. The network accounts for $42.8 billion USDT tokens in circulation while the Ethereum blockchain has around $39 billion USDT circulating onchain.
In contrast, Circle’s USDC stablecoin has seen its market cap decline from $50 billion at the start of 2023 to $26 billion at the time of publication. The collapse of Silicon Valley Bank is cited to have influenced USDC’s drop in market cap, with Circle having $3.3 billion
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