Tether Treasury has recently minted another $1 billion worth of USDT, also known as Tether stablecoin, on the Tron Network. This minting took place just a few hours ago. It marks another significant move in the ongoing creation of this popular stablecoin. These numbers come from Lookonchain, a platform that monitors blockchain transactions and provides insights into cryptocurrency activities.
Tether Treasury minted 1B $USDT on #TronNetwork again 25 minutes ago!#TetherTreasury has minted 33B $USDT in the past year, of which 19B $USDT was minted on #TronNetwork and 14B $USDT was minted on #Ethereum.https://t.co/2wFo2DEvz3 pic.twitter.com/DntKu0WC5A
â Lookonchain (@lookonchain) August 20, 2024
This addition of more $USDT to the market will be a much-needed boost for Bitcoin and the whole crypto industry. It is because it is historically proved that BTC price pumps after the addition of new USDT. New crypto users join the crypto market and they buy USDT via fiat. Then, USDT is used to buy BTC and altcoins.
Tether Treasury Adds $33B USDT in 2024
Since the beginning of the year till now, Tether Treasury has created new USDT worth $33 billion in total. Of this amount, $19 billion was generated on the Tron Network, and the other $14 billion was generated on the Ethereum Network.
Tether CEO, Paolo Ardoino, publicly announced this latest minting through his X account. He said that the new $1 billion USDT on Tron is meant to restock their inventory. He also explained that this is an approved transaction, but the funds have not been released yet. This implies that the newly created USDT will be locked up and not released into circulation. These will be available for future issuance requests for the USDT or for the chain swap as and when it may be required.
PSA: 1B USDt inventory replenish on Tron Network. Note this is an authorized but not issued transaction, meaning that this amount will be used as inventory for next period issuance requests and chain swaps.
â Paolo Ardoino (@paoloardoino) August 20, 2024
Tron Network Attracts Tether Users with Low Fees, Fast Transactions
Tether is the largest stablecoin in the cryptocurrency market with an aim of pegging its value at $1. It is popularly deployed for buying and selling, as a means of exchanging value and store of value in the crypto universe. High demand of USDT and the presence of many large volumes in the market suggests that new USDT is being minted continually.
The Tron Network where most of this minting is happening is more famous for its extremely low transaction fees and fast transactions, both of which are attractive to Tether users. Â However, Tether continues to grow and penetrate into different blockchains. Moreover, it is useful for investors, researchers, and the crypto community generally to observe the activities of developers who are involved in minting these stablecoins.
