Tether, issuer of the most popular stablecoins USDT, suddenly printed $5 billion of USDT on the TRON blockchain. An hour later, they were minted.

On 13 July, at 11:54 UTC Tether printed $5 billion of USDT on the TRON blockchain. The release which exceeded the total amount of USDT emitted so far was reported by the twitter bot Whale Alert. Given Tether’s controversial reputation in the crypto community, which accused the company of issuing coins unsupported by fiat deposits, the creation of $5 billion USDT stirred up the community.

💵 💵 💵 💵 💵 💵 💵 💵 💵 💵 5,000,000,000 #USDT (4,996,932,524 USD) minted at Tether Treasury

Tx: https://t.co/2FzJrc3tyi

13 июля 2019 г.

Users immediately accused Tether of printing money out of thin air, manipulating the market and using stablecoins to pump the market with liquidity.

After about half an hour, Tether destroyed all issued tokens. At first, it minted $500 million of USDT, and then $4.5 billion of USDT. At the same time, Tether emitted $50 million of USDT.

Paolo Ardoino, technical director of Bitfinex and Tether, later explained that Tether suffered from a technical failure.

"While preparing the issuance for Omni to Tron swap there have been an issue with the token decimals."