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Tether, the largest stablecoin by market cap has issued one more billion USDT as TRC20 tokens on the Tron blockchain.
Tether Issues 1 Billion USDT on Tron Blockchain
In May, the largest stablecoin issues on the market had released 30 billion USDT on the Tron blockchain which is the highest amount the stablecoin has ever issued on any chain, with Tron’s creator Justin Sun congratulating the company on hitting this milestone.
A few days ago, Tether CTO, Paolo Ardoino denied a halt in issuance earlier this month but was rather quick to clarify on the move:
Reportedly, there are now 32 billion USDT issued on the TRON network making it the largest for the stablecoin with an additional 1.1 billion authorized but not issued yet which is likely to be this recent transaction.
According to the Tether transparency report, TRON now carries 53.5% of the total 62.8 billion USDT in circulation. The circulating supply of Tether has increased by over 200% this year from 20.9 billion USDT as of Jan 1.
Debates Over Tron's Backing by USD Reserves
Tron is a decentralized platform similar to Ethereum that uses smart contracts, dapps, and digital wallets but it’s more entertainment-based. For instance, the vast majority of the activity on the Tron blockchain that takes place is related to gaming and gambling apps.
Tether is a stablecoin that is pegged 1:1 with the U.S. dollar, meaning that the coin’s value is designed to hold steady. However, there are debates over whether Tether is truly backed by U.S. dollar reserves as the company has never had its reserves independently audited.