Tether prints 1 billion USDT on the TRON network

This is the third issue of stablecoins in a month

23.02.2023 - 15:20

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What’s new? On February 22, Tether, the issuer of the largest centralized stablecoin on the crypto market, USDT, printed 1 billion tokens on the TRONnetwork. This is the third issue of stablecoins this month. The first two billion USDT were issued on February 13, also on the TRON blockchain.

Link to the transaction dated 22.02.23

Link to the transaction dated 13.02.23

Link to the second transaction dated 13.02.23

What else is known? The issuance of new tokens USDT comes amid problems with the Binance USD (BUSD) stablecoin from issuer Paxos. On February 13, the New York State Department of Financial Services (NYDFS) ordered Paxos to stop issuing new BUSD. The US Securities and Exchange Commission (SEC) said that BUSD is an unregistered security and intends to hold Paxos liable for issuing the asset and violating investor protection laws.

On February 22, the rate of BUSD on Binance was temporarily dropping $0,2 against the DAI stablecoin due to a $647 000 sell order. The depegging may have been caused by a lack of liquidity or a pricing error.

What is known about Tether? It is the largest stablecoin issuer in the cryptocurrency market. USDT, which is pegged to the US dollar, ranks third in the overall ranking of cryptocurrencies with a capitalization of $70,7 billion, according to aggregator CoinGecko as of February 23.

In 2022, Tether overtook traditional payment systems Visa and Mastercard in terms of transaction volume by $4,1 trillion and $10,5 trillion, respectively.

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