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Tether has minted $1 billion in USDT stablecoins on the Tron network, incurring no costs for the transaction. According to Tether’s transparency page, the total USDT authorized on Tron stands at $62.7 billion, almost equalling Ethereum network’s $62.9 billion. This has helped Tron to earn $577 million in revenue in Q3 2024 due to high stablecoin activity. With a market share of 37.9% of stablecoins, Tron is second only to Ethereum’s 55.7%. Tether’s CEO stated that the new tokens were minted to replenish supply, but not yet issued for trade on the open market.

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So, Tether has recently minted a whopping $1 billion in USDT stablecoins on the Tron network and guess what, they didn’t pay a dime for this huge transaction. This according to data from Arkham Intelligence, a platform that analyzes onchain activity. The transaction which took place on November 14 was sent from a “black hole address” on Tron to Tether’s wallet that starts with “TBPxh.”

The interesting thing is that this $1 billion USDT was swiftly moved to Tether’s Treasury and nobody had to pay any fees! The Tron network’s low fees seem like a big selling point for stablecoin firms and it’s a great option for folks in developing nations who can’t afford high network charges.

Here’s some additional info: On Tether’s transparency page, the total USDT authorized on Tron stands at $62.7 billion, while Ethereum network’s total is $62.9 billion. Even though Ethereum’s ecosystem is a lot bigger than Tron’s, you’ll find virtually the same amount of USDT circulating on both.

The Tron network is such a crowd favorite that it’s managed to pull in $577 million in revenue during the third quarter of 2024, thanks to its high stablecoin activity.

As of August 2024, Tron was crowned the blockchain ecosystem with the second-largest market share of stablecoins. Its stablecoin market share stood at 37.9%, while Ethereum’s was a cool 55.7%.

To maintain its momentum, Tether minted an additional $1 billion USDT on the Tron blockchain. Tether’s CEO, Paolo Ardoino, stated that these tokens were there to replenish the supply, but were not yet issued for trade on the open market.

In the digital asset trading world, the supply of stablecoins is often regarded as a measure of market sentiment and investment. A rising supply of newly minted stablecoins can signal that traders are expecting some action in price movements. We can assume, then, that a reduction in supply may suggest that there’s not much going on in the market.