- Tether has minted an additional USDT on Tron.
- Observers speculated preparation for anticipated future demand.
- The development coincided with a steady recovery of the crypto market.
Stablecoin issuer Tether minted 1 billion USDT tokens on the Tron network on Tuesday, stirring speculations on whether the crypto market is headed for a shift.
Sponsored
The move came after another 1 billion USDT minting on Tron on July 15, which signals the network’s growing demand and adoption amid the recent crypto market recovery. Per Tether’s transparency page, USDT’s net circulation on Tron topped $60.77 billion as of August 19.
Tether Mints Additional USDT on Tron
According to an X (Twitter) post by WhaleAlert, Tether’s Treasury minted 1,000,000,000 USDT tokens on Tron on August 20 at about 05:50:15 UTC.
Tether CEO Paolo Ardoino later confirmed the news and clarified that the massive transaction involved an “inventory replenish on Tron Network.”
“PSA: 1B USDt inventory replenish on Tron Network. Note this is an authorized but not issued transaction, meaning that this amount will be used as inventory for next period issuance requests and chain swaps.” Ardoino wrote on X.Typically, stablecoin inventory replenishment occurs when issuers anticipate increased customer demand. By minting additional USDT now, Tether can swiftly meet a sudden demand uptick on Tron without the delay of minting new tokens at that time.
Tether’s latest USDT minting could be a strategic move ahead of a potential market rally, triggered by Bitcoin’s recent recovery above the $60,000 resistance level. The crypto asset gained over 4% in the last 24 hours to trade at $60,889 as of press time.
Sponsored
Smaller cryptos like Ether, BNB, Solana, and XRP also registered steady gains alongside BTC in the last 24 hours. The coins were up 1%, 9.4%, 1.68%, and 7.22%, respectively. Overall, the crypto market cap surged 4.05% to stand at $2.4 trillion at the time of writing.
Read about USDT’s integration with the Aptos blockchain:
Tether Eyes USDT Integration with the Aptos Network
Stay updated on how a $3B surge in USDT and USDC recently boosted the crypto market:
$3 Billion Surge in USDT and USDC Boosts Crypto Comeback
