Tether mints 300,000,000 USDT as part of chain-swap

But has it burned the tokens yet?

1 min read

Sep 13, 2019

Tether’s treasury has minted another 300 million of its supposedly US dollar-backed stablecoin, USDT worth, confusingly, $301 million according to Whale Alert. The mint was part of a conversion of coins from the Omni protocol to the ERC-20 protocol, Tether tweeted yesterday.

Binance originally transferred the 300 million USDT from its exchange to the Tether Treasury. Tether then minted 300 million USDT, and sent the coins back to Binance ten minutes after they were minted.

Why? It’s likely that Tether converted the tokens because Binance stopped accepting Omni, which it had announced back in July. Switching the Omni USDT tokens to ERC-20 USDT tokens keeps the tokens in the market. Tether said that total supply didn’t change during the process.

But there’s a conspiracy brewing. “The corresponding burn on Omni has not taken place yet,” tweeted Whale Alert yesterday. In other words, maybe Tether’s just keeping the tokens all to itself, hoping nobody notices. Or it's just an error.

Tether’s made big mistakes before: it accidentally printed $4.95 billion worth of its token back in July transferring funds from the Omni blockchain to the Tron blockchain.

Get crypto news straight to your inbox--

sign up for the Decrypt Daily below. (It’s free).

Get Email!

7 Massive Games From 2024 Worth Playing Over the Holiday Break

For many of us, the upcoming holiday break means having a lot of time on our hands. We're at home with the family, off work or school, and we can only stand so many Christmas movies, so many cookies, and so much time with our beloved family members. Instead of looking for a million little ways to distract ourselves or doomscrolling on our phones, why not look for a single game to invest time in? The following games will each provide you with dozens of hours of fun, and the only regret you'll...

5 Weirdest Tech Trends of 2024: From AI Lovers to Brain Hacking

People engaging in toxic romances with AI chatbots. A tech billionaire that injects his teenage son's blood plasma into his veins while degens bet on his nighttime erections as part of his quest for immortality. A 3D-printed sarcophagus that kills you for the low, low cost of $20. All this and much much more, in just 365 days. “Forget artificial intelligence—in the brave new world of big data, it's artificial idiocy we should be looking out for,” the tech philosopher Tom Chatfield once said. The...

GG’s 2024 Game of the Year: Off the Grid

Off the Grid has only been available for a couple months, but it's by far the best crypto game of the year—and it’s not even really close. If we're talking pure numbers, then Hamster Kombat blew most games out of the water by racking up 300 million players this summer. But the monotonous tap-to-earn mini app ultimately felt like a financialized gimmick thinly veiled as a game, and the resulting airdrop hardly justified the hype. As for Off the Grid, the game impressed both Web2 and Web3-native g...

News

Courses

Deep Dives

Coins

Videos