Stablecoin issuer Tether has minted one billion USDT tokens on the Ethereum network, according to Tether CTO Paolo Ardoino.

The tokens, which were minted as “inventory replenish,” will be used for the next issuance request and chain swaps.

Tether is the most popular stablecoin in the crypto industry, used for trading on large exchanges that do not accept fiat currencies.

Tether’s dominance in the stablecoin market is increasing, with over 35 billion USDT on Ethereum compared to its closest competitor USDC’s 30 billion tokens.

Tether also dominates the stablecoin supply across multiple blockchains, with over 81.5 billion dollar-pegged tokens, while USDC still remains under 30 billion tokens.

Many believe the supply of USDT has historically indicated the direction of the bitcoin price and the crypto market. Tether reported a net profit of $700 million in Q4 2022 and consolidated total assets of at least $67.04 billion.