Tether, the operator of leading stablecoin USDT, minted 300 million USDT in a swap from the Bitcoin-based (BTC) tokenization protocol Omni to Ethereum, but the corresponding burn has not yet occurred.
Whale Alert, a twitter account committed to revealing significant crypto transactions, brought up the coinage depicted above in a tweet posted on September 12. In a subsequent tweet, Whale Alert clarified the nature of the exchange:
“This USDT mint is part of a swap. The corresponding burn on Omni has not taken place yet.”
Tether affirms this clarification in a tweet submitted from its official account the day preceding. The firm declared a 300 million USDT swap from the Omni protocol to the Ethereum blockchain:
“In few hours Tether will coordinate with a 3rd party to perform a chain swap (conversion from Omni to ERC20 protocol) for 300M USDt. Tether total supply will not change during this process.”
In any case, as earlier mentioned, no token burn on the Omni blockchain has occurred yet. In July, Tether accidentally minted and then burned 5 billion USDT tokens.
As previously reported a year ago, Tether has been subject to controversy because of the absence of transparency and claims of market manipulation.