Tether Treasury mints $1B USDT on Tron, resuming activity after a pause.
Tron’s daily stablecoin volume surpasses Visa and Mastercard on certain days.
Tron holds over 60% of Tether’s market cap, solidifying its stablecoin dominance.
Tether Treasury has minted 1 billion USDT tokens on the Tron Network, ending a month-long hiatus in new token creation on the platform. Lookonchain data reveals that Tether Treasury has issued a total of 31 billion USDT over the past year, underscoring its pivotal role in the digital currency ecosystem.
7 hours ago, #TetherTreasury minted 1B $USDT on #TronNetwork again after a month.#TetherTreasury has minted a total of 31B $USDT in the past year!https://t.co/2wFo2DEvz3 pic.twitter.com/QP28G3GVqv
— Lookonchain (@lookonchain) July 16, 2024
Justin Sun, founder of Tron, recently delivered a keynote speech at IXO 2024, discussing the evolving landscape of stablecoins and their impact on blockchain innovation. As highlighted by CMC TLDR, a Coinmarketcap analyst, this development coincides with Tron reaching a milestone of over 243 million registered accounts on its network as of July 15th.
Tron has emerged as one of July’s top performers in the cryptocurrency market, alongside Ethereum Name Service (ENS) and Rollbit. Despite recent fluctuations, Tron remains a formidable player in the digital currency sphere, notably handling over $40 billion in daily stablecoin transactions. This volume surpasses that of traditional financial giants like Visa and Mastercard on some days, underscoring Tron’s growing influence in global financial transactions.
Data from DeFi Llama reveals that Tron currently hosts over $58 billion worth of stablecoins, primarily Tether (USDT). This constitutes more than 60% of Tether’s total market capitalization, solidifying Tron’s position as a key player in the stablecoin market alongside Ethereum.
As of the latest market data, Tron’s current price stands at $0.1342, reflecting a 3.16% decrease in the last 24 hours. The market capitalization totals $11.69 billion, with a trading volume of $403.67 million, marking a notable 42.83% increase. The volume-to-market cap ratio over the same period stands at 3.45%.
Coinglass data for Tron presents a mixed outlook with a slight bearish bias. Trading volume has surged by 57.84% to $123.09 million, yet open interest has declined by 13.77% to $77.74 million. This divergence suggests that while trading activity has intensified, some traders are closing their positions, potentially indicating a shift in market sentiment. The current long/short ratio of 0.8335, coupled with Binance’s TRX/USDT long/short ratio of 0.7921, further reinforces a prevailing bearish sentiment in the market.
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