The world’s leading stablecoin issuer Tether has minted a new billion USDT token in the TRON network.
One billion Tether tokens were minted and sent to the TRON network on August 9, according to the whale alarm tracker for large transactions.
Tether CTO, Paolo Ardoino, who denied an emissions freeze earlier this month, quickly explained the move:
“Refill 1 billion USDt of inventory in the TRON network. Note that this is an authorized but unissued transaction, which means that this amount will be used as inventory for issuance applications and chain swaps for the next period. “
According to the Tether Transparency Report, $ 32 billion is now being spent on the TRON network, making it the largest for the stablecoin. Another 1.1 billion has been approved but not yet issued, which is likely to be this latest transaction.
TRON now carries 53.5% of the total USDT 62.8 billion in circulation.
The stablecoin breakdown
With 30.9 billion USDT, Ethereum has around 49% of the total as ERC-20 tokens in the network. The remaining handful of USDT is spread thinly across EOS, Algorand, Liquid, SLP (Bitcoin Cash) and Solana. In May, it announced a launch on the Avalanche blockchain.
Tether’s circulating supply is up 200% so far this year from $ 20.9 billion on Jan. 1. That sounds impressive, but it has been beaten by all three big rivals.
Circle saw the biggest surge in stablecoin issuance this year, with USDC supply up just over 600%. From an offering of 3.9 billion stablecoins on Jan. 1, USDC supply has grown to an all-time high of 27.6 billion today.
Binance’s own stablecoin, BUSD, has also outperformed Tether in terms of supply growth. It’s up a whopping 1,130% from just under a billion tokens to 12.3 billion at the time of publication.
The fourth largest stablecoin and the only fully decentralized DAI has grown around 380% so far this year. On the first day of 2021, DAI supply was 1.1 billion and today it has risen to a record 5.5 billion.
When is the tether audit?
Tether’s decline in market share is mainly due to fears about the ongoing litigation. The high gas fees at Ethereum are also likely to have had an impact.
In late July, the firm’s General Counsel, Stuart Hoegner, promised CNBC that an audit would be “in months, not years”. Tether’s reserves are heavily weighted in dollars but also include cash equivalents, bonds, secured loans, crypto assets, and other investments, according to Hoegner.
Concerns about support for the stablecoin have risen this year as its circulating supply has increased.
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