Tether, a stablecoin issuer, issued one billion USDT tokens on the Ethereum network on Thursday.

Tether CTO Paolo Ardoino described the minting as an “inventory  replenish.” It was “an authorized but not issued transaction,” he  continued, “meaning that this amount will be used as inventory for the  next period of issuance requests and chain swaps.”

The December quarter of last year saw Tether earn $700 million in  earnings. The previously mentioned profit increased Tether’s reserves.

At that time, it had total consolidated assets of about $67.04 billion  and total consolidated liabilities of at least $66.08 billion. There was  a minimum $960 million surplus reserve in total.