The issuer of the stablecoin Tether has not provided a definitive answer on whether or not it will cease support for the Tron network, after rival Circle stopped minting its stablecoin on the blockchain on Tuesday.

In a statement, Tether stated: “Tether tokens are issued on several blockchains, which are simply transport layers for such tokens.” In addition, the company stated that it retains the ability to freeze transactions on each directly admitted transport layer in order to fulfil its compliance obligations.

However, Tether also actively monitors the security of each of the supported transport layers to ensure the highest standards for our community.

Tether is the largest stablecoin, with a market capitalization of USD 97.7 billion, while Circle’s USD Coin (USDC) remains at USD 28 billion, according to data from CoinGecko.

The Tron network hosts more than 51.8 billion USDT, which represents more than half of the nearly 101 billion USDT tokens issued across multiple blockchains, according to Tether’s transparency report dated February 21.

These comments from Tether came in response to an announcement from Circle on February 20, when the company revealed that it was immediately finalizing the minting of USDC on Tron and would phase out support for the network. Circle justified this decision by aligning it with “efforts to ensure that USDC remains reliable, transparent and secure.

K. Tovar

Source: Cointelegraph

(Reference image source: @PelehSergii, X)

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La entrada Tether has not yet confirmed whether he will leave the Tron network apareció primero en Bitfinance.

Over the past four weeks, stablecoin issuing giant Tether has minted an impressive total of 4 billion USDT tokens, further consolidating its leading position in the market.

The Tron blockchain hosted the most recent issuance of Tether, with 1 billion USDT created on November 10, according to data provided by Whale Alert. This latest action follows the issuance of 1 billion USDT on Ethereum on November 9, as well as the 2 billion issued in two batches on Tron on November 3 and October 19.

Paolo Ardoino, CTO and new CEO of Tether, commented on the Whale Alert data on X, highlighting that the 1 billion USDT transaction on the Tron network was a “USDT inventory replenishment.” He clarified that this amount will be used as inventory for issuance requests in the next period and on-chain exchanges.

These new USDT issued represent a substantial portion of the total 22.75 billion USDT that Tether plans to mint in 2023, according to data from Whale Alert. Of the total, 57% (13 billion) have been issued on the Tron blockchain, while the remaining 9.75 billion have been launched on the Ethereum blockchain.

Throughout the year, Tether has been actively involved in minting new stablecoins. In March 2023, the company issued 9 billion USDT, adding to the 3 billion minted the previous month. Significant emissions between June 12 and July 12 also stand out, where 3.75 billion USDT were created.

In addition to minting new coins, Tether has carried out USDT burns. In August, 1.2 billion USDT was burned on the Tron blockchain, following previous burns of 3.1 billion in June and 2 billion in February, both on Tron and Ethereum respectively.

The crypto community has reacted quickly to these latest USDT issuances, recalling past events where aggressive Tether issuances coincided with significant banking events. Although some speculate about possible connections, Tether has categorically denied any relationship with banks such as Silicon Valley Bank, Silvergate, and Signature Bank.

In addition to the active issuance of new coins, Tether is working on integrating important projects into the ecosystem, according to CEO Ardoino. The company is expected to announce five new projects in 2024, some of which could have a significant impact on popular Web2 centralized services.

K. Tovar

Source: Cointelegraph

(Main reference image source: DrawKit Illustrations, Unsplash)

Visit our news channel on Google News and follow us to get accurate, interesting information and stay up to date with everything. You can also see our daily content on Twitter and Instagram

La entrada Tether managed to issue up to 4 billion USDT apareció primero en Bitfinance.