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Tether mints 1 billion usdt on tron
Tether mints 1 billion usdt on tron

Finance

Tether Mints $1 Billion USDT on Tron, Continues Expanding Stablecoin Supply

Tether has minted another $1 billion in USDT on the Tron network, bringing its total for the year to $33 billion. This latest move underscores Tether’s ongoing efforts to maintain liquidity across different blockchain platforms.

Tether, the leading stablecoin issuer, has minted an additional $1 billion USDT on the Tron blockchain, pushing the total amount of USDT created this year to an impressive $33 billion. Blockchain data revealed that Tether’s Treasury wallet received all the newly minted tokens during this latest minting event on August 20.

The Tron network has become a significant platform for Tether’s operations, with 19 billion USDT tokens minted on Tron over the past year, whereas the Ethereum network accounted for 14 billion tokens during the same period. This latest $1 billion mint on Tron follows a similar issuance on Ethereum, indicating Tether’s strategy to balance liquidity across these two major networks.

Paolo Ardoino, the CEO of Tether, clarified on social media that the $1 billion transaction aimed to “replenish” the Ethereum network’s stock. This process is akin to traditional business practices where companies replenish stock to meet future demand. Tether will reserve the newly minted tokens for issuance requests or chain swaps, ensuring a smooth liquidity flow without an immediate release into the market.

While Tether has not officially commented on the purpose of the latest mint on Tron, it is likely for a similar inventory replenishment. According to Tether’s transparency page, the company’s treasury held just $36 million USDT on Tron that was “authorized but not issued” as of August 19, suggesting that demand for USDT on Tron remains strong.

The Tron network continues to lead the stablecoin supply market, commanding nearly 38% of the total stablecoin market share with over $61 billion in stablecoins on its blockchain. This dominance, driven by low transaction fees and rapid processing times, makes Tron a preferred network for many Tether users, further solidifying its position in the cryptocurrency ecosystem.

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