In the fast-paced world of cryptocurrency, Tether has been making significant moves. Recently, the company authorized the creation of an additional 1 billion USDT tokens. This new development has increased the total number of minted tokens to an impressive 33 billion within the past year alone. The latest batch of tokens was generated on the Tron network and promptly moved to Tether’s treasury wallet, as evidenced by blockchain data.
Whale Alert Confirms Tether’s Latest Transaction
On Tuesday, around 20:43 (UTC), Whale Alert, a renowned blockchain tracking service, confirmed the latest transaction involving Tether. This latest replenishment has fueled speculation about a growing demand for USDT and the potential for a corresponding price surge in the market.
Tether CEO Confirms New Mint: ‘Authorized But Not Issued’
Tether’s CEO, Paolo Ardoino, has provided clarity on this recent mint order. He explained that while the transaction is “authorized,” it has not yet been “issued.” In the realm of blockchain, this means that these newly minted USDT tokens on the Tron network are not yet in circulation. They remain part of the company’s inventory, waiting for the next wave of chain swaps and issuance requests. The company has made the minting order official by listing it on their transparency page, where the newly minted tokens amounting to $1.05 billion are categorized under “authorized but not issued” USDT.
USDT Issuance on Tron Reaches New Heights
Tether is experiencing a remarkable surge in demand, as demonstrated by the volume of tokens minted on the Tron network over the past year. As of October 29th, the Tron network has seen the creation of $20 billion worth of tokens. The Tron network plays a pivotal role in the USDT ecosystem, accounting for over half of all USDT tokens in circulation.
Current data reveals that approximately $120 billion in Tether tokens are actively circulating. Impressively, more than 51% of these, or about 61.7 billion, are housed on the Tron network. Ethereum also holds a significant portion, with around 45% of the total USDT reserve, equivalent to $55 billion. All things considered, Tether maintains its position as the leading stablecoin issuer, commanding over 67% of the total stablecoin market share.
Future Prospects for Tether
The recent mint order has sparked discussions about what the future holds for Tether’s USDT tokens. Some speculate that the recent surge in Bitcoin prices might be linked to an increased demand for stablecoins. As one social media user noted, “when they print, we go higher,” suggesting a correlation between fresh token minting and future issuance requests.
Historically, the minting and release of stablecoins often indicate rising demand for cryptocurrency in a bullish market. An increase in the supply of stablecoins can lead to upward pressure on cryptocurrency market prices. For instance, when Tether introduced $3 billion worth of USDT tokens last August, Bitcoin’s price stabilized after dipping below the $50,000 threshold.
