Tether Issues $1 Billion in USDT on Tron Network, Boosting Liquidity
Tether recently issued a massive $1 billion worth of USDT stablecoins on the Tron blockchain, a move that attracted attention due to the absence of transaction fees, as revealed by blockchain analytics firm Arkham Intelligence.
The large transaction , which took place on November 14, involved sending the funds from a “black hole address” to Tether’s multisignature wallet, marked by the identifier “TBPxh.” Shortly afterward, the USDT was moved to Tether’s treasury without any additional fees.
The Tron network’s minimal transaction fees have made it a preferred platform for stablecoin issuers, especially in regions where high fees could diminish the value of transfers. This feature has also helped solidify Tron’s position as a key player in the stablecoin space.
As of now, Tron holds approximately $62.7 billion in USDT, just shy of Ethereum’s $62.9 billion. Despite Ethereum’s larger ecosystem, Tron continues to handle a significant portion of Tether’s USDT supply, a factor that contributed to the network’s $577 million revenue in Q3 2024.
READ MORE:
This DeFi Altcoin is Set for Huge Breakout, Crypto Analyst SaysIn August 2024, Tron surpassed other blockchain ecosystems to claim the second-largest share of the stablecoin market, at 37.9%, trailing Ethereum’s 55.7%. This surge in USDT activity on Tron was partly driven by Tether’s minting of an additional $1 billion in USDT, which the company noted was for “replenishing” supply.
These tokens remain in Tether’s inventory until they are issued into circulation, a process that reflects market demand. Rising stablecoin issuance typically signals a bullish outlook, while decreased minting can indicate lower market activity and investor interest.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Dogecoin (DOGE) Founder Makes Mind-Blowing DOGE Proposal for the US
Dogecoin founder Billy Markus, in his statement on X, made a Dogecoin proposal for the US administration.
Why are Altcoin Sluggish? Analysis Company Reveals the Forecast Course of Altcoins for the Next Period
Cryptocurrency analysis company Alphractal evaluated the latest status of altcoins in its statement. Here are the details.
Memecoins Outshine Crypto Market with 103% Gains in a Month
Could Solana Be the Next Altcoin to Score a U.S. ETF Approval?