On November 18, Tether minted another $1 billion USDT on the Ethereum blockchain, according to Etherscan data. This move comes just days after Whale Alert reported a similar transaction on the Tron network.

Tether now has over $125 billion USDT in circulation. According to the company, the newly minted tokens are being held in reserve for future market demands.

Details of the Ethereum Transaction

The transaction was recorded as a transfer from Tether's multisignature wallet to its treasury. Tether’s CEO, Paolo Ardoino, clarified that while these tokens are authorized, they are not yet ready for distribution.

Ethereum currently holds the largest volume of authorized USDT at $62.9 billion, closely followed by Tron with $62.7 billion.

Additional Tron Transactions and Stablecoin Growth

A similar transaction occurred on November 14 when Tether minted $1 billion USDT on the Tron blockchain. This amount was later transferred to Tether's treasury. According to Arkham Intelligence, Tron has seen significant growth in stablecoin activity in 2024, contributing to its expanding ecosystem.

In August, Tether minted another $1 billion USDT, which was intended to bolster its supply, although the tokens were not immediately circulated.

Tron Expands in 2024

Data from Tronscan revealed that Tron generated $577 million in revenue in Q3 2024. Most of this revenue (73%) came from staking, while the rest resulted from token burns. Justin Sun attributed this growth to Tron's expansion into NFTs, memecoins, and DeFi. He suggested that continued growth in these areas could push Tron's monthly revenue beyond $200 million.

With lower transaction fees, Tron has gained a competitive edge over Ethereum and Bitcoin. According to DefiLlama, Tron is now the second-largest stablecoin network, accounting for 35% of all stablecoins.

Stablecoin Growth and Market Impact

CryptoQuant reported that since the U.S. presidential elections earlier this month, $3.2 billion USDT has been traded on centralized exchanges. Julio Moreno previously highlighted that the growing market capitalization of stablecoins enhances the liquidity of the cryptocurrency ecosystem.

An increase in stablecoin minting often signals bullish market trends, while a decline in their supply could indicate reduced interest in digital assets.

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