Tether mints $1b in USDT on TRON blockchain

Stablecoin issuer Tether has minted another $1 billion worth of USDT tokens on the TRON blockchain, potentially pushing its market cap to $117 billion.

Tether (USDT), the largest stablecoin issuer by market capitalization, has minted another $1 billion in its native USDT coin to increase the liquidity of the TRON ecosystem. According to TRON explorer, the contract address TBPx…ATto minted the tokens on August 20 and sent the entire amount to TKHu…QgFs, which is believed to be Tether’s Treasury address.

Although it is not yet clear whether the tokens have entered circulation, according to Tether’s Transparency Report, there has been no change in the tokens allowed to enter circulation since August 19. Tether CEO Paolo Ardoino stated in a post on X on August 20 that the market value of USDT reached $117 billion after the last transaction.

According to the Transparency report, as of press time, the amount of USDT tokens in circulation on the TRON blockchain remains unchanged and remains around $60.8 billion.

Tether Increases Liquidity on TRON

Similar transactions by Tether have previously led to speculation that market liquidity was increasing, but the Tether CEO explained that the previous minting transactions were “authorized but not issued transactions.”

PSA: 1 billion USDt inventory replenishment on Tron Network. Please note that this is an authorized but not issued transaction, meaning this amount will be used as inventory for next period issuance requests and chain swaps.

— Paolo Ardoino 🤖🍐 (@paoloardoino) July 15, 2024

If Tether continues to put $1 billion worth of USDT tokens into circulation, it would further solidify TRON’s position as the largest network in terms of USDT tokens minted, surpassing Ethereum, which holds around $53 billion worth of USDT. According to data from Tether, other networks like Solana, Algorand, and Celo are significantly behind in USDT liquidity by several billion dollars.