Tether Authorizes the Release of 1 Billion USDT on the Tron Network
Date: 2023-09-19 Author: Dima Zakharov Categories: BLOCKCHAIN, CRYPTO PAYMENTS
Tether Expands Further on Tron Network
Tether, the company responsible for the popular USDT stablecoin, is making waves in the crypto world with its latest announcement. This authorization to release 1 billion USDT tokens on the Tron network marks another milestone in Tether's growth strategy.
Paolo Ardoino's Insights
Paolo Ardoino, the technical director of Tether, shared insights into this development on his social media platform, X (formerly known as Twitter). He clarified that while the authorization for 1 billion USDT on the Tron network has been granted, the tokens are yet to be released. This distinction is critical as it hints at potential use cases, such as future emissions or cross-blockchain swaps.
Tether's Ongoing Expansion
This move follows Tether's authorization to issue 1 billion USDT on the Ethereum blockchain in June. It reflects Tether's commitment to providing liquidity and support across multiple blockchain networks.
USDT's Impressive Market Dominance
As of the time of writing this article, USDT boasts a market capitalization of $83.56 million, according to TradingView. Additionally, data from DeFiLlama reveals that USDT maintains a dominant position in the cryptocurrency market, with a 66.81% market share.
Tether's Strong Financial Position
In late August, Tether disclosed its liquidity reserves of $3.29 billion, along with consolidated assets totaling $86.1 billion and liabilities of $82.8 billion. This transparency underscores Tether's commitment to financial stability.
Tether's Impressive Treasury Holdings
In early September, Paolo Ardoino proudly stated that Tether holds treasury bonds worth $72.5 billion, further solidifying its financial strength in the crypto space.
