Originally published on: November 15, 2024
Tether has made headlines by minting a staggering $1 billion in USDt stablecoins on the Tron network, all without incurring any fees for this massive transaction. This impressive feat was revealed by onchain analytics firm Arkham Intelligence, shedding light on the seamless process of transferring funds on the Tron blockchain.
The transaction originated from a “black hole address” on Tron and was swiftly moved to Tether’s multisignature wallet, ultimately landing in the stablecoin firm’s treasury. What’s remarkable is that throughout this entire process, zero fees were charged, showcasing the efficiency and cost-effectiveness of the Tron network.
The minimal fees on the Tron network have made it an attractive choice for stablecoin firms, particularly for recipients in developing countries where high network fees can significantly impact the value of transactions. As a result, the Tron network has emerged as a key player in the stablecoin market, with a total authorized USDT supply of $62.7 billion, rivaling that of the larger Ethereum network.
Despite Ethereum’s prominence in the blockchain ecosystem, Tron has managed to capture a significant share of the stablecoin market, generating substantial revenue in the process. With a steady stream of stablecoin minting and circulation on the Tron network, it comes as no surprise that it has become a powerhouse in the industry.
For traders and investors, the minting of stablecoins serves as a valuable indicator of market sentiment and activity. Whether it’s for speculative purposes or to replenish the supply of USDT, these transactions offer insights into the dynamics of the crypto market and the confidence of its participants.
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