Tether mints $1b on Tron with no fees

Tether has issued $1 billion worth of new USDT tokens on the Tron blockchain as the total market value of stablecoins increases.

Payments giant Tether last minted its Tron USDT inventory on July 24, as noted by Arkham. The company paid nothing in transaction fees, and such a move is generally considered bullish. The new USDT on Tron comes as the total number of stablecoins in circulation has been on an upward trend since June 29, a member of the Nansen team told crypto.news via email.

But experts at the blockchain analytics firm say it is difficult to say whether this pattern indicates impending price increases.

“There were many other factors at play in October 2023 and it is now difficult to justify this being the only next step,” the Nansen analyst explained.

According to Nansen, other factors to consider include both on-chain decentralized exchange volumes, address statistics, and off-chain data such as exchange-traded fund flows, macro outlooks, and monetary policies.

Current trends suggest that the cryptocurrency market still has a ways to go before technical observers are convinced that higher prices are definitely coming, even as the stablecoin market cap has surpassed $160 million after months of stagnation.

Specific stablecoins that have seen increased circulation have also shown how user demand is faring, with Nansen data noting Circle’s USDC, Tether’s USDT, Maker’s DAI, Paxos’ PYUSD, and USDD.

Looks like it’s going to be a big day not just for ETH but also for stablecoins!

The total stablecoin market cap has finally begun to surpass $160 billion after remaining relatively flat for 3 months, indicating increasing demand and confidence in these assets.

Bull. picture.twitter.com/Zv8qe6RTJ7

— Nansen 🧭 (@nansen_ai) July 23, 2024