Blockchain data from August 20 showed that Tether added $1 billion worth of USDT to the Tron network, increasing the company’s already large stock of stablecoin coins.
A lot of $33 billion worth of USDT has been made in the last year, all thanks to this new mint.
Lookonchain, an on-chain analytics tool, says that $33 billion of stablecoin tokens have been made for the “Tether Treasury” wallet in the last year.
There is a clear preference for the Tron network, as 19 billion USDT were created on Tron, and only 14 billion tokens were created on the Ethereum blockchain.
Another $1 billion USDT was created on the Ethereum network, and now another $1 billion USDT has been created on the Tron network. A company that tracks data called Whale Alert told people about a deal on August 13 in which Tether added an extra $1 billion USDT to Ethereum.
This deal was just a “USDT inventory replenishment,” according to Paolo Ardoino, CEO of Tether, who said it on X. To put it another way, the brand-new tokens are kept for when requests are made and chain swaps happen. This is kind of like how stores refill their shelves.
Tether’s method manages volume without releasing the token immediately on the market. The business wants to keep a steady supply of USDT to meet future needs and facilitate deals.
However, Tether has not made any public statements about the new $1 billion USDT that was created on Tron. It is likely that it will be used in the same way that the Ethereum mint was.
Tether’s $36M Authorized USDT On Tron Highlights Strong Demand
Tether’s Transparency page says that as of August 19, the company’s bank has $36 million worth of USDT tokens on Tron that are “authorized but not issued.” This means there may not be enough USDT on the Tron network, which shows a lot of demand for the stablecoin on this blockchain.
Tron has become the most important stablecoin in the market. As of August 16, with over $61 billion in stablecoins on its blockchain, Coin Metrics data shows that Tron has 37.9% of the stablecoin market share. This large market share shows how important Tron is to the stablecoin community.
The fact that Tether keeps minting coins shows how active the stablecoin market is and how much demand there is for USDT across all major blockchain networks.
