USDT on TRON: A Tale of Mints, Liquidity, and a Whole Lotta Money

Attention, dear readers! The balance of Tether’s stablecoin, the largest in the world by market share, has surged to near all-time highs on the Tron network. 🤑

Data shows the supply of Tether (USDT) on the Tron (TRX) network has spiked following two notable $1 billion mints over the past week. This has pushed the stablecoin’s circulating supply on Tron toward its highest recorded level. 📈

CryptoQuant analyst JA Maartun highlighted the trend on Feb. 7, noting on X that the rise in USDT on Tron suggests increasing demand. This could be due to stablecoin-driven market activity or a broader need for liquidity. 💧

“Over the past week, two $1.0 billion mints were recorded, bringing the total supply close to its highest level ever. The current USDT Supply on Tron sits at $61.7B,” the analyst noted.

Significantly large mints often indicate one of two things: either the market is experiencing heightened trading activity, or institutional participants are making notable moves. 🤔

Tether has minted $1 billion or more in USDT on Tron multiple times, often aligning with spikes in Bitcoin and altcoin prices. On Jan. 6, 2025, the USDT issuer announced a $1 billion chain swap from other blockchain networks to Tron. 🔄

While the chain swap did not impact USDT’s overall supply, it underscored the growing demand for the stablecoin on the TRX-powered network. In several instances, Tron’s price has increased alongside fresh USDT mints and transactions on the blockchain. 🚀

Beyond Ethereum and Tron, native USDT is also available on Solana and TON. 🌐

Notably, Tron has surpassed Ethereum to become the second-largest network by fees. Per Token Terminal, Tether remains the top fee earner. Year-to-date, the USDT issuer has collected over $470 million in fees, ahead of Tron’s $330 million and Jito’s $324 million. Solana, with $278 million, and Circle, with $186 million, rank ahead of Ethereum, which has generated $172 million in fees so far this year. 💸

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2025-02-07 20:52