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Tether Mints $1 Billion USDT on Ethereum, Surpassing Tron Amid Stablecoin Adoption Surge

Dec 11, 2024, 04:16 PM

Tether has minted an additional $1 billion USDT on the Ethereum blockchain, bringing the total issuance on Ethereum and Tron to $20 billion since November 6. This recent minting has led to USDT on Ethereum surpassing USDT on Tron in terms of supply, with Ethereum now hosting the largest share of USDT. The market cap of USDT stands at $138.6 billion. This move comes amidst a broader trend where stablecoins are increasingly adopted, accounting for over half of all on-chain transaction volumes in recent months. Citi analysts have noted that stablecoins, predominantly pegged to the US dollar and backed by U.S. Treasuries, are reinforcing rather than challenging the dollar's global dominance.