• Tether Issues an Additional $1 Billion USDT on the TRON Network

  • Tether, the world’s leading stablecoin issuer, has issued a new batch of one billion USDT tokens on the TRON network.

    On August 9, one billion Tether tokens were minted and sent to the TRON network, according to the whale alert tracker of large transactions.

    Tether CTO Paolo Ardoino, who earlier this month denied a halt in issuance, was quick to clarify the move: “1B USDt inventory replenish on TRON Network.” It is important to note that this is an authorized but unissued transaction, which means that this amount will be used as inventory for next period issuance requests and chain swaps.”

    According to the Tether transparency report, the TRON network now has 32 billion USDT issued, making it the largest for the stablecoin. It has another 1.1 billion authorized but not yet issued, which is most likely this recent transaction.

    TRON now accounts for 53.5 percent of the total 62.8 billion USDT currently in circulation.

    With 30.9 billion USDT as ERC-20 tokens on the network, Ethereum accounts for roughly 49 percent of the total stablecoin market. The remaining USDT is distributed thinly across EOS, Algorand, Liquid, SLP (Bitcoin Cash), and Solana. It announced its launch on the Avalanche blockchain in May.

    Tether’s circulating supply has increased by 200 percent this year, starting with 20.9 billion USDT on January 1. While that appears to be impressive, it has been defeated by all three major competitors.

    Circle has seen the greatest increase in stablecoin issuance, with USDC supply increasing by more than 600 percent so far this year. From 3.9 billion stablecoins on January 1, the USDC supply has now reached an all-time high of 27.6 billion.

    In terms of supply growth, Binance’s own stablecoin, BUSD, has also outperformed Tether. It has risen by 1,130 percent, from just under one billion tokens to 12.3 billion at the time of writing.

    DAI, the fourth-largest stablecoin and the only fully decentralized one, has grown by around 380 percent this year. The DAI supply was 1.1 billion on January 1, 2021, and it has now risen to a record 5.5 billion.

    When is the Tether audit?

    Tether’s market share has declined in part due to concerns about its ongoing legal battles. High gas fees on Ethereum are also likely to have had an effect.

    In late July, the firm’s general counsel Stuart Hoegner promised that an audit would be completed “in months, not years.” According to Hoegner, Tether’s reserves are heavily dollar-weighted but also include cash equivalents, bonds, secured loans, crypto assets, and other investments.

    As the stablecoin’s circulating supply has increased this year, there has been increased concern about its support.

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