As confirmed by Etherscan on November 18, Tether Treasury has minted an additional $1 billion worth of USDT on the Ethereum blockchain.
This development follows a similar transaction just days earlier, when $1 billion in USDT was transferred to the Tron network, highlighting the ongoing expansion of the stablecoin’s supply.
Tether’s expanding supply across networks
According to Tether, this new batch of USDT is part of a series of authorized but undistributed issuances to meet future market demands. The Ethereum network currently holds the largest portion of authorized USDT, with $62.9 billion available, while the Tron network follows closely at $62.7 billion. Data from Arkham Intelligence shows that a similar transaction occurred on November 14, when Tether minted $1 billion USDT on Tron, transferring the amount from a black hole address to a multi-signature wallet before depositing it into the Tether Treasury.
Tether Treasury minted 1B $USDT on #Ethereum again 20 mins ago.#TetherTreasury has minted a total of 32B $USDT in the past year!https://t.co/pqlKJiOiTHhttps://t.co/fGeHJgbwvS pic.twitter.com/ZzYQoo2XAO
— Lookonchain (@lookonchain) August 13, 2024
Paolo Ardoino, Tether’s Chief Technology Officer, has stated that these transactions are pre-approved and reserved for market demand rather than immediate distribution. This approach ensures sufficient USDT liquidity is available for on-chain exchanges and other trading needs.
Tron’s increasing stablecoin activity in 2024
The Tron network continues to experience significant growth in stablecoin activity. Tronscan reported that Tron generated over $577 million in revenue during Q3 2024, with 73% of that revenue derived from staking activities. Justin Sun, the founder of Tron, attributes this growth to the network’s expansion into NFTs, memecoins, and decentralized finance (DeFi). He has indicated that these trends may push Tron’s monthly revenue beyond $200 million shortly.
DefiLlama ranks Tron as the second-largest stablecoin network globally, accounting for 35% of all stablecoins. Its growing popularity in regions with high inflation rates underscores its role as a stable alternative in such markets. Lower transaction fees have also given Tron a competitive edge over networks like Ethereum and Bitcoin, which recorded significantly lower revenues in Q3 2024.
Stablecoin growth and market impacts
The consistent growth of USDT’s supply has drawn attention across the cryptocurrency market. According to CryptoQuant, $3.2 billion worth of USDT has moved through centralized exchanges since the U.S. presidential elections earlier this month. Analysts have suggested that the rising market capitalization of stablecoins, including Tether, supports greater liquidity within the crypto ecosystem.
Julio Moreno, a leading crypto analyst, has noted that increased stablecoin minting often signals bullish trends for traders. Conversely, a decline in supply could point to waning interest in digital assets. Tether’s continued issuance suggests a proactive approach to maintaining liquidity and supporting market activity across blockchain networks.
The post Tether Mints $1 Billion USDT on Ethereum Network first appeared on Coinfea.
