Tether Mints 300,000,000 USDT for Tron as Tron-USDT Circulating Amount Exceeds 3.4 Bln

News
Wed, 07/29/2020 - 11:34
Yuri Molchan
Whale Alert has reported that Tether Treasury has minted 300 mln USDT, Tether’s CTO Paolo Ardoino made it clear why the funds were created
Cover image via U.Today
Contents

The Whale Alert Twitter bot announced that Tether has issued another substantial portion of its USDT stablecoin: 300,000,000 units.

The CTO of Tether and Bitfinex exchange, Paolo Ardoino, stepped in to comment on the purpose of issuing a new lump of USDT.

Critics comparing Tether’s printing press to the Fed

Despite the fact that Tether’s Paolo Ardoino explained the issuance of this 300 mln USDT as an inventory replenishment on the Tron network, users in the thread still began leaving comments full of doubt about both Tether and its stablecoin.

One Twitter user asked if Tether has enough collateral to back the newly minted coins. Another wrote directly: "Non-stop, bigger than FED now!" and mentioned "playing with unlimited money monopoly."

Image via Twitter

Tron-USDT in circulation exceeds 3.4 bln: Justin Sun

The founder and CEO of Tron Foundation, Justin Sun, has taken to Twitter to spread the word about a new milestone achieved.

He stated that the amount of USDT that Tether issued on the Tron chain has now exceeded 3.4 billion coins.

Related
Vitalik Buterin Says Ethereum Could Become “Primary Place” Where Bitcoin Activity Happens

USDT-ERC20 remains most popular USDT version

In October last year, Justin Sun shared his prediction that the Tron-based USDT would become the most popular stablecoin on the market.

However, according to data from Tether, the greatest amount of USDT in circulation is now on the Ethereum network: $6,277,479,171.53.

The number of USDT-Tron coins totals $3,152,712,942.49.

Other blockchains on which USDT is available are: OMNI, EOS, Liquid, Algorand and SLP.

Image via wallet.tether.to

Moving 13 mln Tron-USDT to Binance

Whale Alert also shared that 13 mln Tron-USDT was sent from Tether Treasury to the Binance exchange. The community commenting on the tweets speculated that this amount is extra funds to support the current Bitcoin surge.

About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today, can be contacted at yuri.molchan@u.today.


This site uses cookies for different purposes. Please set your preferences in Cookie Settings and visit our Cookie policy for more information on how and why cookies are used on this site. Click here for cookie policy

Cookie settings