As a seasoned researcher with years of experience in the cryptocurrency market, I find the latest move by Tether to mint another $1 billion worth of USDT tokens on the TRON blockchain intriguing. This action could significantly boost both Tether’s market capitalization and TRON’s position as a leading network for stablecoins.
Tether, a company that produces stablecoins, has produced an additional $1 billion in USDT tokens on the TRON blockchain. This action could increase its total market value to approximately $117 billion.
Tether (USDT), the company with the largest market capitalization for stablecoin issuance, recently produced an additional $1 billion worth of its USDT coin specifically for the TRON network to enhance its liquidity levels. As per the TRON blockchain explorer, the transaction was initiated from contract address TBPx…ATto on August 20th, and the entire amount was then transferred to TKHu…QgFs, an account thought to be Tether’s treasury wallet.
117
— Paolo Ardoino 🤖🍐 (@paoloardoino) August 20, 2024
Despite some uncertainty about whether the tokens have entered circulation, Tether’s Transparency Report indicates no adjustments in the number of authorized tokens since August 19th. On August 20th, Paolo Ardoino, Tether’s CEO, announced on a post that after the most recent transaction, USDT’s market capitalization surpassed $117 billion.
Currently, as reported, the circulating supply of USDT tokens on the TRON blockchain seems to be steady at approximately $60.8 billion, based on the latest transparency data.
Tether boosts liquidity on TRON
Previous transactions by Tether sparked discussions about an increase in market fluidity. However, Tether’s CEO made it clear that these earlier minting processes were just “authorized but not yet released” operations.
Announcement: A $1 billion worth of USDt has been restocked on the Tron Blockchain. This is a legitimate transaction, however, it has yet to be issued. Instead, it’s being held as stock for future issuance requests and chain transfers in the upcoming period.
— Paolo Ardoino 🤖🍐 (@paoloardoino) July 15, 2024
If Tether decides to circulate $1 billion worth of USDT tokens, it will strengthen TRON’s status as the network with the most USDT tokens minted, surpassing Ethereum which currently holds around $53 billion in USDT. Networks like Solana, Algorand, and Celo are significantly behind in terms of USDT liquidity, with differences measured in billions of dollars, based on data from Tether.
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2024-08-20 15:50