Stablecoin issuer Tether has minted another $1 billion worth of USDT tokens on the TRON blockchain, potentially boosting its market capitalization to $117 billion.
Tether (USDT), the largest stablecoin issuer by market capitalization, has minted another $1 billion in its native USDT coin for the TRON ecosystem to boost its liquidity. According to TRON explorer, the contract address TBPx…ATto minted the tokens on Aug. 20 and sent the whole sum to TKHu…QgFs, which is believed to be Tether’s Treasury address.
117
— Paolo Ardoino 🤖🍐 (@paoloardoino) August 20, 2024
While it is unclear whether the tokens were released into circulation, Tether’s Transparency report shows no changes in authorized tokens for circulation since Aug. 19. Tether CEO Paolo Ardoino noted in an X post on Aug. 20 that following the latest transaction, USDT’s market capitalization reached to $117 billion.
As of press time, the amount of USDT tokens in circulation on the TRON blockchain appears to be unchanged and remains around $60.8 billion, according to the Transparency report.
Tether boosts liquidity on TRON
Earlier similar transactions by Tether had raised speculation about increased market liquidity, although the Tether CEO clarified that previous minting operations were “authorized but not issued transactions.”
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.
— Paolo Ardoino 🤖🍐 (@paoloardoino) July 15, 2024
Should Tether proceed to issue the $1 billion in USDT tokens into circulation, it would further solidify TRON’s position as the largest network by minted USDT tokens, surpassing Ethereum, which holds nearly $53 billion in USDT. Other networks, such as Solana, Algorand, and Celo, lag significantly behind in USDT liquidity, with differences of several billion dollars, according to data from Tether.
Read more: Tether brings USDT stablecoin to Aptos blockchain
