Home Altcoin 30 billion USDT issued on the Tron blockchain (TRX), which becomes the...

30 billion USDT issued on the Tron blockchain (TRX), which becomes the main reserve of the token

The Tron network (TRX) has just taken a symbolic step in its journey with the issuance of 30 billion USDT on its blockchain. According to Justin Sun’s tweet, the blockchain now manages USDT’s main pool on a given network. In addition, demand for USDT and stablecoins is growing, in the face of uncertainty in the price of bitcoin.

Tron, the favorite blockchain for USDT users

Tether’s USDT is a 1: 1 US dollar-backed stablecoin, which means it’s always worth $ 1. The USDT is issued several other blockchains: Algorand, Bitcoin Cash, Eos, Ethereum, Liquid Network, Omni, Solana and Tron (and most recently Avalanche), each with varying fees and settlement speeds.

The primary issuer of USDT, for much of its existence, has been the Ethereum network. However, its slowness (15 transactions per second) and high fees – an average of $ 20, reaching over $ 200 in some cases – led users to turn to other blockchains.

In mid-April 2021, the Tron network became the leading issuer of USDT after frantic growth at the start of the year. The latter claims a transfer speed of 2,000 transactions per second and charges a fraction of a cent in fees, which allowed it to reach the threshold of 30 billion USDT issued.

The announcement comes shortly after Tether shared, for the first time since 2014, the composition of its reserves. As discussed above, USDT is a dollar-backed stablecoin, which means that the issuer must have a reserve dollar for each USDT issued. According to the latest information, Tether has sufficient reserves to secure the USDT in circulation on paper. However, the reserves only include a little cash and the market value could be lower than the book value.


Please enter your comment!
Please enter your name here

Must Read

Staking: these are the 5 preferred cryptos for passive profits

Staking has been called in various ways, some accurate, others not so much. This has also happened with PoS,...

United Kingdom forces to block cryptocurrency advertising

The advertisements of the company Luno will be withdrawn from the United Kingdom after the resolution that obliges them to do so...

Cryptocurrencies find some relief after their crash

Cryptocurrencies find some support for a bounce after one of the toughest weeks for investors. Although last Thursday we...

China Strikes Cryptocurrencies Again, Bitcoin Slumps Again

The highest level of government in China has proposed new measures to regulate mining in the country. The proposal has been received...

Bitcoin on the Playstation? Sony’s patent finally accepted

On May 17, 2021, the publication of a patent by Sony Interactive Entertainment mentioning Bitcoin was greeted with great fanfare by the...