Tether issues $1 billion in new USDT tokens on Tron blockchain as stablecoin’s total market cap grows
Payments giant Tether released its latest Tron USDT supply on July 24, as reported by Arkham. paid There is nothing in the transaction fees, and such a move is usually seen as bullish. The new USDT on Tron comes as the total number of stablecoins in circulation has been trending upward since June 29, a Nansen team member told crypto.news via email.
However, experts from blockchain analytics firm said it is difficult to confirm whether this pattern indicates upcoming price increases.
“With so many other factors in play in October 2023, it is now difficult to justify this being the next step on its own,” Nansen analyst explained.
According to Nansen, other factors to consider include on-chain decentralized exchange volumes, address statistics, off-chain data such as ETF flows, macroeconomic outlook, and monetary policies.
Current trends suggest that the cryptocurrency market still has some way to go before technical observers are convinced that prices are definitely going up, even if the market cap of stablecoins has surpassed $160 million after months of stagnation.
The specific stablecoins that are boosting trading also revealed how much demand has been spurred by users. Nansen’s data indicated that Circle’s USDC, Tether’s USDT, Maker’s DAI, Paxos’ PYUSD, and USDD.
