According to Etherscan, on November 18, Tether Treasury minted another one billion $USDT on the Ethereum network. The activity was flagged just days after Whale Alert highlighted another one billion USDT transfer on the Tron network.
Etherscan data revealed that stablecoin firm Tether minted an additional one billion USDT days after a similar transaction on the Tron network. According to the firm, over $125 billion USDT is currently in circulation.
Tether mints an additional $1 billion USDT at Treasury
The transaction from a Tether multi-signature wallet to the Tether Treasury flagged on November 18 is part of a series of transactions made by the stablecoin firm this month.
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
Whale Alert revealed that Tether Treasury transferred $1 billion USDT to the Ethereum chain on November 13. Tether’s CEO, Paolo Ardoino, later clarified that the transaction was authorized but not issued.
According to Tether, the Ethereum network currently has the most authorized USDT with a total of $62.9 billion. The Tron network, on the other hand, holds a total of $62.7 billion authorized USDT.
The newly minted stablecoins will reportedly be held in the firm’s reserve in readiness for future market demands on on-chain exchanges.
According to Arkham Intelligence, Tether also minted $1 billion USDT on the Tron network on November 14. The transaction was also made from a black hole address to a Tether multi-signature wallet. The on-chain analytics firm also revealed that later, the amount was transferred to Tether’s treasury.
Tether also minted another 1 billion USDT in August, which, according to Ardoino, was meant to increase the firm’s supply. The CTO also emphasized that the tokens had been approved but were not ready for distribution.
Tron records increased stablecoin activity in 2024
Tronscan data indicated Tron recorded over $577 million in revenue in Q3 2024. The data revealed that over 73% of the revenue came from staking, while 26% resulted from burning.
Justin Sun attributed the increased activity to Tron’s expansion into NFTs, Memecoins, and DeFi. He also suggested that continued growth in these fields could propel the network’s revenue to over $200 million monthly.
Token terminal suggested that Tron’s lower aggregate fees gave the network a competitive advantage over other networks such as Ethereum and Bitcoin. Bitcoin recorded $256 million in revenue in Q3, while Ethereum recorded approximately $56 million.
According to DefiLlama, Tron is the second-largest stablecoin network, accounting for 35% of all stablecoins. The Tron network has reportedly gained popularity in developing countries where high inflation leads to more demand for more stable assets.
CryptoQuant noted that $3.2 billion worth of USDT had been transacted on Centralized exchanges since the United States presidential elections earlier this month. In October, Julio Moreno suggested that the growth in stablecoins’ market capitalization in the past few months could positively impact the overall price of digital currencies.
He emphasized that stablecoins add liquidity to the crypto ecosystem. As a result, increased stablecoin minting could indicate bullish trends for traders. On the other hand, reduced stablecoin supply would indicate reduced interest in digital assets.
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