Tether Mints 1 Billion Of USDT In The Context Of Market Share Dominating With Bitcoin

Key Points:

Tether issued 1 billion USDT more on the Ethereum network.
The stablecoin company issued more than US$16 billion in new USDT since the beginning of this year, with a market value of more than $83.2 billion, hitting a record high.

Tether, the world’s biggest stablecoin issuer, has issued 1 billion USDT tokens on the Ethereum blockchain as part of its inventory for next-period issuance requests and chain swaps.

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Tether released an extra 1 billion USDT on the Ethereum network today at 7:58 a.m. UTC, according to Whale Alert monitoring.

According to Tether CTO Paolo Ardoino, this is a permitted but unissued transaction on the Ethereum network, meaning that this extra issuance will be utilized for the next issuance request and on-chain interaction. Additional USDT tokens are being issued in order to implement chain swap functionality.

The practice of moving tokens from one blockchain network to another is referred to as chain swapping. Users may utilize the procedure to connect assets from different chains.

Tether has issued its second billion-dollar USDT coin in less than two months. In April, the stablecoin issuer issued one billion USDT tokens on Ethereum. Minted USDT tokens are approved but not issued and so do not contribute to Tether’s overall market capitalization.

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Tether has issued more than $16 billion in new USDT since the beginning of this year, with a market value of more than $83.2 billion, hitting a record high.

Bitcoin and Tether have increased their market share of the whole cryptocurrency market. Bitcoin dominance increased to over 50% early Saturday morning when measured as a proportion of total crypto market valuation.

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Saturday’s advances in Bitcoin dominance coincided with a large altcoin market fall, as is generally the case with increases in Bitcoin dominance.

Although Bitcoin’s high liquidity makes it an appealing option for crypto traders looking to leave altcoin markets, stablecoins provide an alternate risk aversion method. Moreover, being the most popular dollar-pegged stablecoin, Tether offers a simple option to escape crypto market instability without entirely off-ramping into fiat money.

Another aspect that may have contributed to the growth in USDT dominance is the concerning price fluctuations of TrueUSD, another dollar-denominated stablecoin (TUSD).

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Harold

Coincu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.