Tether has minted 1 billion new USDT tokens. Stablecoins are currently reaching record levels

1 billion new USDT

Whale alert tweet was added to Whale’s Twitter account, mentioning the creation of 1 billion new USDT tokens on the Tron network. Whale alert is a popular account that copies all the big known crypto wallets. Thanks to this, it is possible to monitor the movements of large players in the cryptocurrency market.

💵 💵 💵 💵 💵 💵 💵 💵 💵 💵 1,000,000,000 #USDT (1,000,000,000 USD) minted at Tether Treasury.

Tether’s CTO, Paolo Ardoion, responded promptly to the creation of the new USDT and issued the following statement:

“The 1 billion new USDT represents a replenishment of supply in the TRON network. Please note that this amount will be used as a reserve in case of USDT purchase requests in the following period. It is also a reserve for possible USDT cross-chain swaps. “

Tether operates on several chains, with the largest capitalization on the Tron network, where there are currently USD 32 billion. The total capitalization of Tether on all chains is almost 63 billion.

If we look at it from a global perspective, the total capitalization of stablecoins is currently at 116.7 billion, which represents a dominance of Tether at 54% percent.

Stablecoins are on course

The capitalization of Tether in circulation so far has risen by about 200% this year from $ 20.9 billion on January 1, 2021. Although it sounds impressive, it has been beaten by all three major rivals.

The largest increase in capitalization was recorded by stablecoin USDC, the amount of which has grown by just over 700% so far this year. From $ 3.9 billion on January 1, its capitalization has climbed to an all-time high of $ 27.6 billion in recent days. Binance’s Stablecoin Exchange, BUSD, also outperformed Tether in the% increase in capitalization. Its amount has increased by an incredible 1,300% from less than a billion tokens to 12.3 billion. The fourth largest stablecoin and the only fully decentralized, DAI, has grown by around 500% so far this year. At the beginning of this year, the capitalization of DAI was 1.1 billion and today it increased to a record 5.5 billion.