Last updated:May 27, 2020
In the letter:
- Tether (USDT) was issued for 6 blockchains.
- Tron (TRX) now hosts the second highest amount in USDT after the Ethereum network.
- Tether’s parent company now has total assets of $ 8.59 billion.
Bitcoin’s halving (BTC) is now less than a day away, and the price of Bitcoin has dropped massively, less than in mid-March. Within a few minutes, the king of crypto fell from a value of USD 9,600 to USD 8,100. In times of rapid market volatility like today, many crypto traders choose to cash out their crypto holdings in one of the numerous stable coins. Tether (USDT) is the stable coin of choice for many traders who want to wait for times of market uncertainty. USDT also ranks 4th on Coinmarketcap with a market cap of $ 6.355 billion.
Top 4 cryptos courtesy of Coinmarketcap.com
1.6 billion USDT has now been spent on Tron (TRX)
In a recent tweet, Tron’s founder and CEO Justin Sun highlighted the fact that over $ 1.6 billion has been spent on Tether (USDT) on the Tron blockchain. The tweet making the announcement can be found below.
The circulation of # TRC20– #USDT issued by @Tether_to on the # TRON network exceeded 1.6 billion. 🎉🎉🎉🎊🎊🎊 pic.twitter.com/l7sHiOt7up
– Justin Sun🌞 (@justinsuntron) May 9, 2020
After Ethereum, Tron ranks 2nd in issuing USDT
Upon further review of Tether.to for a detailed breakdown of the amount of USDT spent on the various blockchains, we find that Tron has outperformed Omni in terms of the amount of Tether spent on its network. At the time of writing, the breakdown of the blockchains that Tether supports and the corresponding amount of USDT each hosted is listed below.
- Ethereum – $ 5,737,970,410.92
- Tron – $ 1,603,395,020.12
- Omni – $ 1,335,000,000.00
- Liquid – $ 16,561,000.00
- EOS – $ 5,251,000.50
- Algorand – $ 1,000,010.00
From the table above, we can conclude that Ethereum is still home to the highest number of USDT, followed by the Tron network.
Tether’s fortune continues to grow
In addition, Tether’s parent company now has total assets of $ 8.591 billion. At the end of April, the company had announced that its total assets were 6.229 billion US dollars. This is an increase of 38% in a period of less than 2 months. Such an increment further solidifies Tether’s dominance as the preferred stable coin in the crypto markets.