News Report
January 30, 2024

USDT on TRC-20 Sets a New Record Surpassing 51.8 Billion Tokens in Circulation

On January 30, the circulation of TRC20-USDT reached a new peak, surpassing 51.8 billion tokens. The TRC-20 standard facilitates token creation on the Tron network, including popular stablecoins like USDT and USDC.

Currently, there are 37.25 million TRC20-USDT holder accounts and the total volume of transfers in the network has exceeded 15.2 billion transactions.

The significant milestone occurred, as an additional batch of USDT tokens was minted on the Tron Network. According to Tether’s CEO Paolo Ardoino, a $1 billion TRC20-USDT transaction was authorized on January 29.

Despite the claim that these tokens are only authorized for future swaps and issuance requests, on-chain data confirms that the new TRC20-USDT batch has already entered circulation.

Trend of Increasing Circulation

The USDT market cap has surged to a record $96 billion due to the impact of this new token issuance. Ongoing speculation suggests that Tether’s increased minting activity may indicate a potential bullish sentiment in the markets.

Tether has been actively issuing USDT tokens for several months, with $13 billion allocated over the past four months. Interestingly, this trend coincided with Paolo Ardoino’s appointment as CEO of Tether.

USDT Market Cap. Source: TradingView

Reasons Behind Tron’s USDT Dominance

USDT distribution among major blockchains. Source: DefiLlama

According to DefiLlama, over half of all USDT tokens in circulation are issued on the Tron network. According to Tether’s CEO, Tron is dominant among other blockchains in volumes of issued USDT, which lies in the network’s early adoption of Layer 2 solutions compared to other blockchains. For instance, projects like Optimism and Arbitrum on Ethereum were only launched in 2019 and 2021, respectively.

Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author

Ilya is an experienced writer specializing in the topics of blockchain technology and crypto markets. Over the years, he has worked on various articles, research publications, and full-fledged reports spanning across different fields. Ilya's passion lies in delivering up-to-date observations and insights to readers, driven by a commitment to contribute to the future landscape of the tech industry.

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Ilya Lazarev
Ilya Lazarev

Ilya is an experienced writer specializing in the topics of blockchain technology and crypto markets. Over the years, he has worked on various articles, research publications, and full-fledged reports spanning across different fields. Ilya's passion lies in delivering up-to-date observations and insights to readers, driven by a commitment to contribute to the future landscape of the tech industry.

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