- Tether has minted another billion USDT coins on Tron Network to satisfy chain swap demands.
- USDT has increased its market value by $2.6 billion in 90 days, while USDC lost its market value by $4.6 billion
- USDT now has a stablecoin market dominance of 65%
As demand rises, Tether USDT has increased its market value by $2.6 billion. As a result, Tether has minted 1 billion more coins on Tron Network to satisfy the blockchain’s USDT chain swap demands.
Tether USDT market value rises by $2.6B in 90 days, achieving a 65% market dominance
Tether has minted a new 1 billion USDT coins on the Tron Network, a month after minting another equivalent amount on the Ethereum network. The stablecoin company claims that the new coins facilitate chain swaps and usually do not mix with the issued market capitalization.
The minted amount will be spent as inventory for the next period of issuance requests and chain swaps on the Tron Network. A chain swap is a process where traders transfer assets from one blockchain to another. For instance, you can swap USDT from Tron Network to BNB Chain network.
This development comes as Tether USDT gains more stablecoin market dominance to 65% while the second largest stablecoin by market cap is losing its demand. Tether’s USDT gained $2.6B in market cap over the past 90 days, while Circle’s USDC lost $4.6 B in the same period.
In the news, Tether is also increasing its footprint in crypto investments. As such, it’s setting up its USDT coin for adoption even more. However, it still hasn’t received total trust from the crypto industry following a series of crypto collapses less than a year ago.
Keep watching Fintech Express for more updates on this and either fintech-related developments.