USDT Stablecoin Issuer Tether Mints $1 Billion USDT on Tron
- As of August 2024, the Tron network has the second-largest stablecoin market share.
- The majority of Trons $577M in revenue for Q3 came from the networks stablecoin activities.
Arkham Intelligence, a onchain analytics business, said that Tether minted $1 billion worth of USDT stablecoins on the Tron network without paying any fees for the massive transaction. A transaction from a Tron black hole address to Tethers multisignature wallet starting with the characters TBPxh was identified on November 14 by the analytics platform.
The onchain records also reveal that the funds were moved to the stablecoin firms treasury nearly immediately after the 1 billion USDT were transmitted to Tethers multisignature wallet, and this transaction also had zero fees.
Stablecoin companies have found the blockchain ecosystem appealing. And receivers in developing nations, where high network costs may drastically reduce the value of a payment or transfer, will find the Tron network to be suitable because of its very cheap fees.
RIsing Dominance
With a total of $62.7 billion, the Tron network has slighlty less USDT authorized than Ethereums $62.9 billion. This is according to Tethers transparency page.
The rival layer-1 blockchain has about the same amount of USDT circulating. Even though Trons ecosystem is far smaller than Ethereums. The majority of Trons $577 million in revenue for Q3 2024 came from the networks high level of stablecoin activities.
As of August 2024, the Tron network has the second-largest stablecoin market share among blockchain ecosystems. Back then, the Ethereum network had a remarkable 55.7% share of all stablecoins produced. While Tron had 37.9% of the market.
On the Tron blockchain, Tether added another 1 billion USDT that same month. The extra USDT was intended to replenish the supply, according to Tether CEO Paolo Ardoino, who stressed that the tokens were approved but not distributed after the stablecoin mint.
Until the corporation makes a fresh issuance request and issues the tokens to trade on the open market, these approved but not issued USDT tokens will stay in inventory.
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Read more: https://thenewscrypto.com/usdt-stablecoin-issuer-tether-mints-1-billion-usdt-on-tron/
Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
