Tether Mints $8 Billion USDT in Short Time, Crypto Market Rally Soon? – Crypto News – Crypto News
Connect with us

others

Tether Mints $8 Billion USDT in Short Time, Crypto Market Rally Soon? – Crypto News

Published

1 year ago

on

Tether Mints $8 Billion USDT in Short Time, Crypto Market Rally Soon?

Over the past week, Tether has been on a strong USDT minting spree, adding $8 billion worth of stablecoins over the past eight days on the Tron and Ethereum blockchain networks. This fresh supply of USDT stablecoins can provide fresh ammunition for the broader crypto market rally, helping it break out of the current consolidation phase.

Tether Mints 1 Billion USDT on Tron Blockchain

In a notable development, Tether has minted an additional $1 billion worth of USDT on the Tron blockchain, just four hours ago. This marks a continuation of the company’s aggressive issuance strategy.

On-chain data further reveals that since April 28, the firm has expanded its stablecoin supply by a massive $8 billion across both – Tron and Ethereum blockchain networks. This helps USDT extend its lead over other competitors like USDC, BUSD, RLUSD, etc. Furthermore, the development also underscores move underscores the increasing demand for liquidity and stablecoin usage across decentralized finance (DeFi) and trading ecosystems.

Source: SpotOnChain

As per the Tether transparency report, the total USDT issued on Tron has surged to $71.4 billion. Currently, $72.8 billion USDT is in circulation on the Ethereum network. With just an additional $1.4 billion USDT on Tron, it could once again surpass Ethereum as the leading network for the world’s largest stablecoin issuer, a position it has held at various times over the past two years.

Apart from Tron and Ethereum, the third-largest network for the USDT stablecoin is Solana, with a $1.9 billion circulating supply. USDT’s total circulation has reached an all-time high of $149.4 billion USDT, reflecting an 8.6% increase since the start of the year.

As a result, it captures a staggering 61% of the total stablecoin market as of now. Furthermore, Tether CEO Paolo Ardoino believes that the crypto-friendly Trump administration could help the firm gain further market share over the next few years.

Additionally, Ardoino also teased the launch of an artificial intelligence (AI)-powered product designed for decentralized applications. Named “Tether AI,” the innovation is expected to drive a surge in Bitcoin and USDT transaction volumes upon release.

Crypto Market Rally Ahead?

With Bitcoin price flirting around $94,500 level over the past week, and altcoins entering strong consolidation, the recent minting of USDT could provide a catalyst for a further crypto market rally ahead.

Additionally, U.S. Treasury Secretary Scott Bessent called on the Federal Reserve to reduce interest rates, while fueling speculation of a major bull run in the crypto market.

Moreover, U.S. President Donald Trump has announced plans to lower tariffs on China. Citing the current 145% levy as excessively high and a barrier to trade, Trump expressed an intent to ease the restrictions.

The post Tether Mints $8 Billion USDT in Short Time, Crypto Market Rally Soon? appeared first on CoinGape.

Related Topics:
Continue Reading

Trending