Tether, the world’s leading Stablecoin issuer, has minted 1 billion new tokens on the Tron network. This was confirmed by Whale Alert which showed that a billion USDT tokens were sent on the network.
In reacting to the news, the CTO of the Stablecoin issuer, Paolo Ardoino, clarified that the newly minted tokens are “inventory replenish on TRON Network.” He also added that these assets would be “used as inventory for next period issuance requests and chain swaps.”
Per the firm’s recent transparency report, 32 billion worth of USDT have been issued on the Tron network. This is the largest the issuer has issued on any network as over half of the 62.8 billion USDT in circulation runs on the aforementioned network.
It should also be noted that the Stablecoin has another unissued 1.1 billion tokens in its arsenal —however, this could be today’s newly issued token.
Tether’s Withering Market Dominance in the Stablecoin Market
Despite Tether’s impressive feat this year, its success pales significantly against its rivals in the market. USDT has seen its circulating supply grow by 200 percent within the year, for context, Circle-backed USDC has recorded a growth of over 600 percent while Binance-backed BUSD has grown by over 1000 percent and DAI has also seen its supply growth rise by 380 percent within this year.
Tether’s loss of market share has been attributed to the fear of its ongoing legal battles with the authorities, and Ethereum’s high gas fees might also have contributed to the decline.