Fun

Tether mints another $1B USDT on Tron network

News Feed - 2024-08-20 06:08:38

Ezra Reguerra14 hours agoTether mints another $1B USDT on Tron networkTether mints $1 billion USDT on Tron, pushing its total tokens minted in the last year to 33 billion.4451 Total views4 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTCOINTELEGRAPH IN YOUR SOCIAL FEEDFollow ourSubscribe onStablecoin issuer Tether has minted another 1 billion USDT tokens on the Tron network, bringing the total USDT minted in the last year to $33 billion. 


On Aug. 20, blockchain data showed that Tether minted $1 billion of its Tether (USDT) tokens on the Tron network and sent them to its treasury wallet. According to the onchain analytics platform Lookonchain, the “Tether Treasury” wallet minted $33 billion in stablecoin tokens in the last year. Tether mints 1 billion USDT tokens on Tron. Source: Tronscan


The data platform said 19 billion USDT tokens were minted on the Tron network, while 14 billion tokens were created on the Ethereum blockchain. Tether replenishes stablecoin inventory


Tether’s 1 billion mint on Tron follows another token mint of the same value on Ethereum. On Aug. 13, data tracking platform Whale Alert flagged a transaction that showed that the stablecoin issuer added another 1 billion on Ethereum. 


Tether CEO Paolo Ardoino said on X that the $1 billion transaction was simply a “USDT inventory replenish” on Ethereum. The executive said that the transaction was authorized but not issued, which means that it will be used as inventory for the issuer’s next batch of issuance requests and chain swaps. 


In traditional businesses, inventory replenishment requires stock orders to meet demands. Similarly, Tether may create USDT to maintain a sufficient supply and hold them until they are officially issued. This ensures smooth liquidity management without an immediate release into circulation. 


Cointelegraph reached out to Tether for comments but did not get an immediate response. 


Related:Tether expands USDT to Aptos blockchain for lower fees


While Tether did not publish official statements regarding the new 1 billion tokens on Tron, it is likely to have the same purpose as the recently minted USDT tokens on Ethereum. 


According to Tether’s Transparency page, the stablecoin issuer’s treasury only has $36 million USDT tokens on Tron that are “authorized but not issued” as of Aug. 19. This means that Tether may be running low on USDT on the Tron network, highlighting a strong demand for the stablecoin on Tron. 


Tron currently leads the stablecoin supply market. On Aug. 16, Coin Metrics data showed that the network commands 37.9% of the total stablecoin market share, with over $61 billion in stablecoins in the blockchain. 


Magazine:Asia Express: WazirX hackers prepped 8 days before attack, swindlers fake fiat for USDT# Ethereum# Tether# Tron# StablecoinAdd reaction

News Feed

How STACKD Finance Services Make DeFi Safer for Everyone
How STACKD Finance Services Make DeFi Safer for Everyone sponsored Decentralized Finance (DeFi)represents the financial, blockchain-based world of tomorrow. Future generations will
Binance Launches Prepaid Card in Colombia
Binance Launches Prepaid Card in Colombia Binance, the cryptocurrency exchange, has launched a prepaid cryptocurrency card in Colombia, expanding its reach in Latam. The card, whic
South African Dispute Resolution Office Says It Now Considers Crypto-Related Complaints
South African Dispute Resolution Office Says It Now Considers Crypto-Related Complaints According to South Africa’s Office of the FAIS Ombud, an independent dispute resolutio
Ethereum Consolidates Below $2,800 – Bulls Need This Level To Trigger Next Leg Up
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Bitcoin price hits $61K, but investors still prefer stocks and bonds right now
Marcel Pechman2 hours agoBitcoin price hits $61K, but investors still prefer stocks and bonds right nowInvestors balance risk as Bitcoin futures dip, reflecting uncertainty before the Federal Reserve"s September meeting.
Helen Partz10 hours agoJack Dorsey’s ₿trust acquires African Bitcoin organization QalaAs part of the acquisition, Qala is rebranding as the ₿trust Builders Programme, aiming to drive development and education acros
Binance wants the court to know US government’s position on USDC
Turner Wright5 hours agoBinance wants the court to know US government’s position on USDCThe U.S. government’s arguments on stablecoins in an unrelated criminal case could bolster Binance’s position in its civil cas
Swedish central bank examines offline CBDC payment challenges
Derek Andersen4 hours agoSwedish central bank examines offline CBDC payment challengesThe Riksbank designed a system using payment cards and shadow wallets, but security and accounting problems remain.1494 Total views7 T
Electrifying Live Casino Game XXXtreme Lightning Roulette in Exclusive Early Access
Electrifying Live Casino Game XXXtreme Lightning Roulette in Exclusive Early Access Play the brand new XXXtreme version of one of the most popular live casino games at Bitcoin.com
More Than 77 Crypto Projects Claim to Be Backed by Physical Gold – After 30 Failed
More Than 77 Crypto Projects Claim to Be Backed by Physical Gold – After 30 Failed The last few years have seen the creation of blockchain projects that claim to have tokens ba
Dogwifhat (WIF) Shines With 15% Rally In The Past Week — Is $2.8 The Next Stop?
Este artículo también está disponible en español. The emergence of Donald Trump as the president-elect of the United States has been one of the biggest catalysts the cryp
Former US Treasury Secretary Larry Summers: Cryptocurrency Will ‘Do Better Regulated’
Former US Treasury Secretary Larry Summers: Cryptocurrency Will "Do Better Regulated" Former U.S. treasury secretary and chief economist at the World Bank, Larry Summers, says cryp