Tether is continuing to expand its stablecoin supply by minting $1 billion batches of USDT on the TRON blockchain.
The move is a sign of Tether’s commitment to bolstering liquidity across chains, while also highlighting the rapid expansion of TRON’s DeFi ecosystem.
Tether’s strategic expansion on TRON
On Wednesday, on-chain data analysis by X account Lookonchain reported that Tether’s Treasury minted a $1 billion batch of USDT a week after the previous billion-dollar batch.
This minting event highlights the growing demand for stablecoins, particularly during heightened market activity. TRON remains a key blockchain for decentralized finance (DeFi) applications and cryptocurrency transactions.
Reports emerged last November that Tether was minting USDT on TRON and paying zero transaction fees. The total amount of USDT on the TRON network currently amounts to $61,742,996,582.03, according to Tether’s transparency page.
This minting frenzy significantly increases the USDT’s circulation.
As the fourth largest cryptocurrency with a market cap of $144.4 billion, Tether is the most widely used dollar-pegged stablecoin in digital asset transactions and trading.
Impact of Tether’s USDT minting spree on Tron’s TRX token price
Tether’s clear vote of confidence in the TRON network has done little to buoy the $TRX token this week or in the last three months.
$TRX has been in a gradual decline, dropping 46% since hitting an all-time high of $0.4313 on December 04, 2024.
In the last 24 hours, $TRX rose 1% to trade at $0.2311. This rise is in line with Bitcoin’s performance, which also added 1% overnight.
However, zooming out to TRON’s intraweek performance, $TRX has held the fort better than any of the 20 largest cryptocurrencies by market cap except Bitcoin.
It lost 9.5% as Bitcoin lost 5%, while all other leading projects tumbled by double-digit percentages in the tens and twenties.
$TRX’s relative strength indicator (RSI) has been mostly above 50 since the start of February, indicating strong buying momentum throughout this month so far.
TRON and USDT investors diversify with Best Wallet
With Tether increasing its supply across chains and $TRX retaining value better than most cryptocurrencies this week, there are clear signs that crypto is in a position of relative stability and diversity, which bodes well for the industry under pro-crypto Donald Trump’s term.
Another investment that has been attracting all the smart money is the ICO for Best Wallet‘s new native utility token, $BEST. Best Wallet is a next-generation cryptocurrency wallet that analysts say is likely to unseat Trust Wallet and MetaMask from their lofty positions in the sector.
More than just a secure self-custody solution, Best Wallet has everything crypto investors and traders need to stay on top of a changing market.
Much of the hype is centred on the wallet’s “Upcoming Tokens” tool, which selects the most promising crypto projects, often while still in their ICO phases, allowing Best Wallet users to make moves before everyone else.
Additionally, it highlights all the most rewarding staking opportunities to optimize the earning potential of your portfolio.
Best Wallet currently supports over 1,000 cryptocurrencies, including Tether and TRON. It utilizes Fireblocks’ MPC-CMP encryption to keep user assets safe.
$BEST is currently priced at $0.0239, but this will rise by a fraction as the presale progresses through to the next round in little over 24 hours.
All this has helped the new Best Wallet presale to raise around $9.3 million to date.
Follow Best Wallet on X and Telegram.
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