Tether has issued another 1 billion Tether (USDT) tokens on the Ethereum blockchain. Now the capitalization of the leading stablecoin exceeds $81.4 billion. The closest USDT competitor, the stablecoin USD Coin (USDC) from Circle, has this figure of $30.9 billion, writes RBC Crypto.
The new tokens were issued to “restock,” Tether CTO Paolo Ardoino said. He noticed that the release was authorized, but the funds had not yet been transferred to the accounts. This batch of USDT will be used for subsequent USDT issuance orders and cross-chain conversions, he said.
Tether has long been issuing USDT even before the actual receipt of funds in the accounts. A stablecoin is issued immediately in a large volume, and the inclusion of coins in circulation is carried out as requests are received from users or exchanges.
USDT is the leading stablecoin in existence and is the third largest crypto asset by market capitalization, behind only Bitcoin and Ethereum (ETH). Tether pairs account for 80% of the total trading volume on centralized crypto exchanges. According to Kaiko, only in pairs with bitcoin USDT lost ground to the stablecoin TrueUSD (TUSD).
USDT is issued on 13 blockchains such as Ethereum, Solana, Algorand, Tron, BNB Chain and Polygon. The Tron network has the largest amount of stablecoin — 45 billion USDT. 35 billion tokens have been issued on Ethereum.
In addition to USDT, the company issues stablecoins EURT (Euro Tether), MXNT (Mexican Peso Tether) and the XAUT token (Tether Gold), pegged to the gold rate. At the end of last year, they were joined by the CNH Tether (CNHT) stablecoin with parity against the Chinese yuan, issued on the Tron blockchain.
Source: bitcoinlinux.com
