Tron Network Witnesses Tether’s Minting of Another 1 Billion USDT
Tether, the creator of the popular USDT stablecoin, has recently approved the issuance of another billion coins on the Tron blockchain, according to experts at Lookonchain. This announcement comes just two days after the release of a similar batch on April 2. Tether has not provided any official statement regarding this new release at the time of writing.
As per CoinMarketCap data, the current market capitalization of USDT stands at $106.2 billion. Additionally, the DefiLlama dashboard reveals that USDT holds a significant market dominance of 69.2% in the overall market capitalization of $153.2 billion.
CryptoQuant analysts have observed a correlation between the circulating supply of USDT and the price of Bitcoin (BTC). Since the end of 2022, the circulating supply of USDT has increased by approximately 30 billion, with each supply increase coinciding with the beginning of a Bitcoin price surge.
Tether is the leading issuer of stablecoins in the market. However, concerns have been raised about the transparency of Tether’s reserves, which could potentially lead to the depreciation of the stablecoin and have a significant negative impact on the cryptocurrency market.
Tether has faced criticism following a Wall Street Journal investigation that alleged the use of fake documents and shell companies by its partners to gain access to the banking system.
In related news, CryptoQuant’s whale analysis has raised questions about Tether’s BTC holdings.
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