Paolo Ardoino in a recent interview pointed to how Tether boomed in 2017. OKex added Tether. The entire ICO process boomed and everyone added Tether pairs. Tether demand blew from 20 million to 2 billion in one single year, it was crazy. Tether was started as a utility, and it became a huge business model.
In 2018, the price of BTC started declining, it was crypto winter, which lasted until the first quarter of 2019. The second part of 2019 had nice volatility. The price of Bitcoin was recovering. USDT was launched on several blockchains to keep the first mover advantage. Tether is looking to be the common value across all the blockchains.
Paolo Ardoino expressed that he is a fan of Bitcoin, but does not believe in war religion. USDT is looking to serve as many communities as possible and to provide for a better product. Competition in one single blockchain is crazy because the obvious thing is to be on multiple blockchains to serve as many communities as possible. TRON, Ethereum and several other blockchains have communities and all of them are worth serving and they bring in additional value to the system and so why not serve multiple communities.
Tether tweeted: “The issuance of Tether tokens USDT is a careful and strategically planned process that involves four distinct stages: Authorized, Issued, Redeemed, and Destroyed.”
For those who do not understand the life cycle of Tether, it helps to understand it. Authorized tokens are pre-issued tokens. Issued Tether tokens are issued to a client and are currently in circulation. Redeemed tokens are USDt that have been sent back to Tether to be processed for redemption into USD. Destroyed USDt are USDt that have been permanently destroyed. Destroyed USDt are neither in circulation nor in the Tether treasury/inventory.
At any given time a Tether token can be identified as being in one of these four stages of the issuance cycle: authorized, issued, redeemed, or destroyed.
USDt are currently issued on Algorand, Bitcoin Cash’s Simple Ledger Protocol (SLP), Ethereum, EOS, Liquid Network, Omni, Tron, and Solana.
The block explorer monitoring can be used to get a transparent idea of the various issuance alerts of USDT that gets circulated.
Users are like: But you never destroyed any Tethers? Also, Tether claim they don’t want to interact with Private Keys too often for issuance, that’s why they issue in batches in advance. I wonder, how they send issued USDT to clients without touching the private keys. Payment (sending) and Minting both require same private keys
