A record has been established for USDT on the TRC-20 blockchain, reaching over 51.8 billion tokens in circulation.
In Brief
In a significant development, the circulating amount of TRC20-USDT has now gone beyond 51.8 billion tokens, while the cumulative supply of USDT is nearing the impressive figure of 100 billion tokens.
On January 30, a new high was recorded for the circulation of TRC20-USDT, surpassing 51.8 billion tokens. The TRC-20 framework enables the creation of tokens on the Tron network, encompassing widely recognized stablecoins. USDT and USDC.
At present, there are approximately 37.25 million accounts holding TRC20-USDT, with the overall number of transactions on the network exceeding an astounding 15.2 billion.
This significant milestone was reached as a new set of USDT tokens was minted on the Tron Network. As reported, Tether’s CEO Paolo Ardoino there was an approved transaction of $1 billion worth of TRC20-USDT on January 29.
Even though it was stated that these tokens are meant solely for future swaps and issuance requests, on-chain analytics reveal that this new batch of TRC20-USDT is already circulating.
Trend of Increasing Circulation
The market capitalization for USDT has soared to an all-time high of $96 billion, driven by the implications of this recent token issuance. Ongoing speculation suggests that Tether's increased minting activities could signal a positive outlook in the market.
Tether has been in full swing, issuing USDT tokens consistently over the past months, with a staggering $13 billion being released in just the last four months. Notably, this surge aligns with Paolo Ardoino's recent appointment as Tether's CEO.
Exploring the Reasons Behind TRON's Command Over USDT
As detailed by DefiLlama, more than 50% of all USDT tokens currently in circulation are issued via the Tron network. Tether's CEO highlights that Tron is at the forefront of USDT issuance compared to other blockchains, attributing this to its early adoption of Layer 2 solutions, unlike Ethereum's Optimism and Arbitrum, which launched in 2019 and 2021, respectively.
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