Coinspeaker Tether Mints Additional $3 Billion USDT Stablecoins, Tron Dominates Transactions
The stablecoin inflows in the crypto market surged significantly in November following Donald Trump‘s victory and in tune with the broader market rally. Last Saturday, November 23, stablecoin issuer Tether issued an additional $3 billion worth of USDT USDT $1.00 24h volatility: 0.1% Market cap: $132.76 B Vol. 24h: $78.90 B tokens, on both the Ethereum and the Tron blockchain networks. This development comes as the Bitcoin bulls have been trying to push the BTC price above $100K.
As per blockchain analytics platform Arkham Intelligence, Tether minted a total of $2 billion USDT on the Ethereum blockchain. Additionally, it also minted $1 billion USDT on the Tron blockchain network soon after. Tether CEO Paolo Ardoino noted:
“In 2025 Tether will need to reach hyper-productivity to accomplish our grand vision.”
Blockchain analytics platform Lookonchain reports that Tether has minted approximately $13 billion in USDT since November 8. Stablecoin indicators are key to assessing the market value and future direction. High volumes of newly minted stablecoins are widely seen as a bullish signal. It signals potential price increases while low volumes signal bearish activity with reduced market activity.
Also, stablecoins like Tether’s USDT serve as fiat on-ramps allowing users to purchase crypto and off-ramp in order to cash out their positions. This increased trading activity drives the stablecoin demand.
Tron Dominates Most of Tether’s USDT Transactions
Tron’s native cryptocurrency TRX has demonstrated strong product-market fit in stablecoin use cases. Additionally, the TRON blockchain processes 92% of all $USDT transactions.
Despite hosting $60 billion in USDT, the market cap of $TRX stands at only $17 billion. Moreover, TRX-based USDT is becoming a popular choice for global trade, offering fast and low-cost stablecoin remittances. Speaking on this development, CryptoQuant CEO lauded Tron founder Justin Sun for his stablecoin move. He wrote:
“It’s time to reassess Justin Sun as an entrepreneur. He built the biggest global stablecoin trade remittance system. I’m not being paid to say this, nor do I own TRX, but I think that he has made a significant impact in the field of stablecoins and done something right.”
Throughout this year in 2024, Tether has been issuing the USDT stablecoin periodically. The USDT market cap has surged by nearly 50% from $90 billion to the beginning of the year to now at $132 billion. This shows that USDT has been a crucial liquidity provider in driving the 2024 crypto market rally.
Besides, Tether is also venturing into the digital asset tokenization market. Earlier this month, it launched a new platform Hardon to simplify the process of tokenizing assets. The platform aims to make the process of converting physical or traditional financial assets into digital tokens easily accessible to all.
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Tether Mints Additional $3 Billion USDT Stablecoins, Tron Dominates Transactions
