Tether Treasury minted $1 billion, equivalent to $1,000,485,000 USD, on the Tron network, in an update on July 12.
Just two months after its previous $1 billion mint on April 21, the stablecoin issuer has once again hit the $1 billion milestone with its latest mint.
market surveillance
Tether Chief Technology Officer Paolo Arduino, to explain The recent minting of USDT is part of Tether’s “stock replenishment” process on Ethereum.
Notably, this issuance will not affect the overall market value of USDT, as it is classified as an “authorized but not issued transaction.”
Ardoino explained that the newly minted USDT will serve as a stock for future issuance orders and chain swaps.
Chain swap refers to a method used by traders to transfer their digital assets from one blockchain to another. This process enables traders to access additional blockchain networks that support the cryptocurrency they hold, giving them the opportunity to use their digital assets across multiple blockchains.
According to data from Coingecko, USDT’s market capitalization increased by $2.6 billion in the past three months, while its main competitor, USDC, shrank by $4.6 billion.
At the time of writing, USDT claims market dominance with 65% of the total stablecoin market capitalization, while USDC holds 21.4%.
In response, Santiment shares in final analysis They advise traders to closely monitor Tether Supply (USDT) and US Dollar Coin (USDC) on the exchanges, as this metric can serve as an indicator of possible price movements in the cryptocurrency market.
Santiment points out that fluctuations in the supply of these stablecoins can signal important developments in the prices of crypto assets, indicating potential market trends or upcoming events.
USDT depegs
This is not the only time Paolo Ardoino has been active on Twitter in the past two days, as he took to his account to address concerns surrounding USDT trading on Binance.US on July 10.
Next, he revealed that the deviation from the dollar peg is limited to the exchange, with a widespread spread of 8% appearing to affect all cryptocurrencies on the platform.
Arduino attributed this situation to the ongoing legal challenges facing Binance.US, indicating that fewer market makers may be willing to engage in arbitrage at this particular moment.
In particular, on Binance Global, USDT is trading just 1 basis point above the dollar, highlighting the difference between the two platforms.
