Stablecoin

Source

Arkham

Million

A blockchain-enabled platform, Tether issued $1 billion in USDT tokens on Tron, boosting its stablecoin supply without paying transaction fees. This move aligns with the rising trend in stablecoin market cap since June 29, as reported by Arkham and Nansen. 
Despite this substantial issuance, blockchain analytics firm Nansen has indicated that it’s challenging to predict whether this will directly lead to price increases in the broader crypto market.&nbsp; 
<div class="wp-block-image"> 
 <figure class="aligncenter size-full">
 <img fetchpriority="high" decoding="async" width="527" height="496" src="https://www.cryptotimes.io/wp-content/uploads/2024/07/Tether-Mints-1-Billion-USDT-on-Tron-With-Zero-Transaction-Fees.png" alt="Tether Mints $1 Billion USDT on Tron With Zero Transaction Fees" class="wp-image-192265">
 <figcaption class="wp-element-caption">
 Source: Arkham
 </figcaption>
 </figure>
</div> 
Nansen’s analysts point out that various factors, including decentralized exchange volumes, address statistics, and off-chain data such as ETF flows and macroeconomic policies, influence market dynamics. 
Currently, the stablecoin market cap has exceeded $160 billion after a period of stagnation, <a href="https://x.com/nansen_ai/status/1815670409049850207" target="_blank" rel="noreferrer noopener nofollow">according to Nansen</a>. This growth highlights the rising user demand for stablecoins like Tether’s USDT, along with other major players such as Circle’s USDC, Maker’s DAI, Paxos’ USDP, and USDD. 
While the increase in stablecoin supply is generally seen as bullish, experts advise caution. They note that many variables affect crypto prices and that stablecoin issuance alone may not signal immediate price changes.&nbsp; 
The crypto market remains in a wait-and-see phase as it assesses whether these stablecoin trends will translate into sustained price movements. 
As the market evolves, keeping an eye on stablecoin trends and related factors will be crucial for understanding potential future movements in cryptocurrency prices. 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 Also Read: <a href="https://www.cryptotimes.io/2024/07/11/tron-founder-justin-sun-buys-1614-eth-worth-5-million-usdt/" target="_blank" rel="noreferrer noopener">Tron founder Justin Sun Buys 1,614 ETH Worth $5 Million USDT</a> 
</blockquote>

Tether Mints $1B USDT on Tron Without Transaction Fees

The Crypto Times

Inne artykuły opublikowane 25 lip 2024

Ethereum Price Plunges 8% As ETH ETF Outflows Hit $113M, Led By Grayscale, And Investors Flock To...

WazirX India Suspends Withdrawals After $234.9M Theft Reported

Rho Markets Hit by $7.5M Hack, Attackers Demand Admission of Oracle Error for Fund Return

WazirX Confirms $230 Million Hack, Dispels Misinformation on Timeline

MiCA: Europe's Crypto Framework Shaping the Future of Digital Assets

Expert Picks: Discover the Best Altcoins to Buy in 2024 for Maximum Growth and Profit Potential

Zapisz się na bezpłatny newsletter i otrzymuj codzień aktualności ze świata kryptowalut!