Tether Generates $33 Billion in USDT on TRON and Ethereum in 2021: On-Chain Analysis
Blockchain data reveals that Tether, a stablecoin issuer, has generated more than $33 billion in USDT in the past year. According to Lookonchain, a blockchain tracking company, this $33 billion in USDT has been minted on the Tron (TRX) and Ethereum (ETH) blockchains. The Tether Treasury has specifically minted 1 billion USDT on the Tron Network recently, contributing to a total of 33 billion USDT minted in the last year, with 19 billion on Tron Network and 14 billion on Ethereum.
A notable crypto analyst, Ali Martinez, points out a significant correlation between the price movements of Bitcoin (BTC) and Tether’s creation of new USDT. Martinez likened Tether to the Federal Reserve of the crypto world, suggesting that every time more USDT is minted, the market tends to ascend. During the most recent Bitcoin correction, the USDT minting process was notably active.
In a recent update from Tether, it was announced that USDT will soon be accessible on Aptos (APT), a blockchain designed as a high-speed Ethereum alternative focused on scalability. Aptos operates on a Proof-of-Stake (PoS) consensus mechanism and processes transactions simultaneously to improve efficiency and speed. The announcement highlighted that gas fees for USDT transactions on Aptos will be less than a penny.
The integration of USDT on Aptos represents a significant development in expanding the utility and accessibility of Tether’s stablecoin. This move aligns with the broader trend of stablecoin issuers exploring various blockchain networks to enhance their offerings and cater to a more diverse range of users. The ability to transact USDT on Aptos at minimal costs underscores the platform’s commitment to providing a seamless and cost-effective user experience for crypto enthusiasts and investors.
The continuous minting of USDT by Tether reflects the growing demand for stablecoins in the crypto market and underscores the pivotal role they play in facilitating liquidity and stability within the ecosystem. As Tether expands its presence across different blockchain networks, it is poised to further solidify its position as a leading provider of stablecoin solutions in the ever-evolving crypto landscape.
