Tether Mints $1 Billion USDT on TRON Blockchain
Tether, the world largest stablecoin issuer, added a further $1 billion USDT coin on Tron blockchain, this was part of a big move. The $1 Bn was minted on the TRON blockchain in the previous weeks. The minting of tokens that was reported on August 20th may hypothetically boost the market capitalization to $117 billion, according to the CEO, who says it is expected that amongst the cryptocurrencies with the most market cap, Tether will reach that position. Paolo Ardoino was responsible for company’s CEO who also stated that and the said that the minting of tokens could raise the Tether’s market capitalization to $117 billion.
Transaction Details:
The minting transaction was confirmed through the TRON blockchain explorer, where the contract address TBPX was responsible for creating a new vector of tokens. These tokens were further transferred to address TKHu…QgFs which is believed to be the facility of the network as they are also the part of Tether’s Treasury. To promote transparency and ensure investors’ confidence, Tether has not issued these tokens yet, as of Aug. 20, according to the Transparency report released the company. Based on the newly published data, the tokens authorized for circulation have not changed from $62 billion as indicated on August 19.
Impact on TRON Blockchain
The total amount of USDT tokens on the TRON network can be seen around $60.8 billion. If Tether eventually decides to release the minted $1 billion, this will substantially cement TRON as the top blockchain for USDT transactions and among the top cryptocurrencies in the world. This would put TRON in the first position in front of the Ethereum which has roughly $53 billion of USDT in circulation currently.
Potential Liquidity Boost
Tether has been issuing similar bootstrapping operations in the past and this has usually been linked to the news causing liquidity in the market to rise, this is what happened when the news announced. Nevertheless, Paolo Ardoino has at times been clear that such a situation “is a case of authorized not issued transactions,” where tokens are minted but not immediately issued.
Should Tether decide to mint these new coins, it would be a very influential step for the TRON network and the entire cryptocurrency market. This action would not only add to the liquidity of Tron but also make it more powerful in the stablecoins market, especially in scenarios where the other blockchains like Solana, Algorand, Celo, etc. have USDT being less than TRON.
Conclusion
Currently, the $1 billion USDT which was minted on TRON’s website is still in Tether’s Treasury. The possible release of these tokens might have an effect on TRON, literally changing the way this platform operates within the crypto-sphere. Tether with a market cap that could attain $117 billion is still the primary force and anchor of the stablecoin space.
