The world’s largest stablecoin issuer, Tether, minted an additional $1 billion worth of USDT on the Tron network. The mint occurred due to the rising demand for stablecoins in the crypto arena. According to a CryptoQuant analyst, the Tron network now hosts more USDT than Ethereum.
Leading global stablecoin issuer minted an additional $1 billion worth of USDT on the Tron network. USDT exists on the Tron network as TRC-20 tokens, and the recent mint confirms the rising demand for stablecoins in the entire crypto arena.
Tether mints 1 billion USDT on the Tron network for the eighteenth time in the past year
New $1.0B USDT created on the TRON Network
"On Tuesday, August 20th, Tether Treasury minted $1.0 billion USDT on the TRON network, highlighting a growing demand for stablecoins in the crypto space.
This action is not an isolated incident. It's already the 18th time in the past… pic.twitter.com/y7GagPpuVs
— CryptoQuant.com (@cryptoquant_com) August 23, 2024
According to CryptoQuant analyst Maartunn, Tether has minted USDT on the Tron ecosystem eighteen times in the last year. Maartunn emphasized that each of the eighteen mints was worth exactly $1 billion USDT, including the most recent mint on August 20th.
Maartunn explained that the mints have reinforced Tron’s reliability in supporting stablecoins due to faster transaction speeds and lower costs. Tron’s blockchain explorer, TronScan, indicates that Tron hosts a circulating USDT supply of $61.8 billion and a 24-hour trading volume of 15.4 billion.
Data from the blockchain explorer also depicts that Tether has the highest stablecoin supply compared to other stablecoins in Tron’s ecosystem, such as USDD and USDC. Maartunn highlighted that Tron has overtaken Ethereum in USDT supply, with the total amount of USDT on TRON settling at $61.8 billion at the time of this publication, while that of Ethereum stands at $52.1 billion.
Tether also executed another USDT mint worth $1 billion on the Ethereum network. On-chain tracking platform Whale Alert flagged the mint in an X post dated August 13th.
Tether’s chief executive, Paolo Ardoino, responded to Whale Alert’s post, stating that the mint was an authorized transaction to replenish Ethereum network inventory.
Ardoino emphasized that the mint was not an issued transaction. He claimed the amount would be in the inventory for the next chain swap issuance requests. Tether holds unissued USDT in reserves until they are required for issuance.
Tron leads other blockchains in minted USDT supply
Source: Tether
Tether’s transparency page indicates the stablecoin issuer has millions of dollars on each network that is authorized but not issued. For instance, the Ton network has $1.1 billion USDT that has been authorized but not issued. On the other hand, Ethereum has $601 million of authorized but not issued USDT.
Tron has witnessed significant growth in the last few days following the hype behind its memecoin fair launch platform, SunPump. On August 18th, Tron founder Justin Sun acknowledged the massive USDT supply on the Tron network, stating that no blockchain protocol could compare in terms of liquidity. Sun mentioned that memecoins thrive on the liquidity that Tron readily provides.
Tether’s transparency page supports Justin Sun’s claims, revealing the Tron blockchain currently holds the largest authorized USDT supply, exceeding other major networks such as Ethereum and Solana.