Tether mints $1 billion in USDT on TRON blockchain

Tether (CRYPTO:USDT), the world’s largest stablecoin issuer by market capitalization, has recently minted an additional $1 billion worth of USDT tokens on the TRON (CRYPTO:TRX) blockchain.  

This new issuance, which occurred on August 20, 2024, could potentially boost USDT’s market capitalization to an impressive $117 billion.  

According to data from the TRON explorer, the minting was executed through the contract address TBPx…ATto, and the entire sum of newly minted tokens was transferred to a wallet believed to be Tether’s Treasury address, identified as TKHu…QgFs.  

As of now, there has been no observable change in the number of USDT tokens circulating on the TRON blockchain, which remains steady at approximately $60.8 billion.  

Tether’s Transparency report, updated on August 19, indicates that the total amount of USDT in circulation has not been adjusted following the minting event.  

In a post on X, Tether CEO Paolo Ardoino confirmed that the latest transaction has increased USDT’s overall market capitalization.  

Despite this, the issuance status of the newly minted tokens remains unclear.  

Previous similar transactions by Tether have often led to speculations regarding market liquidity enhancements.  

Ardoino has clarified that previous minting operations were authorized but did not result in immediate issuance into circulation.  

Should Tether decide to release the newly minted $1 billion USDT into circulation, it could significantly reinforce TRON’s position as the leading network for USDT liquidity, surpassing Ethereum, which currently holds around $53 billion in USDT.  

Other networks such as Solana (CRYPTO:SOL), Algorand (CRYPTO:ALGO), and Celo (CRYPTO:CELO) are considerably behind in USDT liquidity, with differences amounting to several billion dollars.  

This minting move aligns with Tether’s strategy to bolster liquidity on the TRON blockchain and maintain its dominance in the stablecoin market, highlighting its ongoing commitment to supporting and expanding its ecosystem.

Currently, the Tether price is $1.00, while the TRON price is $0.1593.