2024

Arkham

USDe

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Billion

<p class="is-style-lead">Tether issued $1 billion in new USDT tokens on the Tron blockchain as stablecoins’ total market cap grew.</p>
<p>Payments giant Tether minted its latest Tron <a href="https://crypto.news/price/tether/" target="_blank" rel="noopener noreferrer nofollow">USDT</a> inventory on July 24, as noted by Arkham. The firm <a href="https://x.com/ArkhamIntel/status/1816125539217744293" target="_blank" rel="noopener noreferrer nofollow">paid</a> nothing in transaction fees, and such a move is typically regarded as bullish.&nbsp;The new USDT on Tron came as the total number of stablecoins in circulation has trended upwards since June 29, as a Nansen team member told crypto.news over email.&nbsp;</p>
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   <p lang="en" dir="ltr">Wow<br><br>$1 Billion USDT mint on TRON<br><br>$0 paid in fees <a href="https://t.co/2sjrQ9zdIA" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/2sjrQ9zdIA</a></p>— Arkham (@ArkhamIntel) <a href="https://twitter.com/ArkhamIntel/status/1816125539217744293?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">July 24, 2024</a>
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<p>However, experts from the blockchain analytics firm said it’s difficult to assert whether this pattern indicates upcoming price increases.&nbsp;</p>
<p>“Given there were many other factors at play in October 2023, and now, it’s hard to justify it being the next leg up on its own.” the Nansen analyst explained.&nbsp;</p>
<p>You might also like: <a href="https://crypto.news/polymarket-ethena-usde-stablecoin/" rel="noopener noreferrer nofollow"> Polymarket: Ethena’s USDe stablecoin will not lose its peg in 2024 </a></p>
<p>According to Nansen, other factors to consider include both on-chain decentralized exchange volumes, address stats, and off-chain data like exchange-traded fund flows, macro outlooks, and monetary policies.&nbsp;</p>
<p>Current trends suggest the crypto market still has some way to go before technical observers are convinced higher prices are definitely inbound, even if the stablecoin market cap surpassed $160 million after months of stagnation.</p>
<p>The specific stablecoins boosting circulation also revealed how user demand is advancing. Nansen data noted that Circle’s <a href="https://crypto.news/price/usd-coin/" rel="noopener noreferrer nofollow">USDC</a>, Tether’s USDT, Maker’s <a href="https://crypto.news/price/dai/" rel="noopener noreferrer nofollow">DAI</a>, Paxos’ PYUSD, and <a href="https://crypto.news/price/usdd/" target="_blank" rel="noopener noreferrer nofollow">USDD</a>.</p>
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   <p lang="en" dir="ltr">It looks like it's not only a big day for ETH…but also for stablecoins!<br><br>The total stablecoin market cap has finally started to break $160b after 3 months of remaining relatively flat, highlighting increasing demand and growing confidence in these assets<br><br>Bullish. <a href="https://t.co/Zv8qe6RTJ7" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/Zv8qe6RTJ7</a></p>— Nansen 🧭 (@nansen_ai) <a href="https://twitter.com/nansen_ai/status/1815670409049850207?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">July 23, 2024</a>
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<p>Read more: <a href="https://crypto.news/why-the-u-s-doesnt-need-a-tax-on-mining-senator-lummis-explains/" rel="noopener noreferrer nofollow"> Why the U.S. doesn’t need a tax on mining: Senator Lummis explains </a></p>

Tether mints $1b on Tron with no fees

crypto.news

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