Key Points
- Tether has issued an additional billion USDT stablecoins on the Tron blockchain.
- USDT’s market dominance is 69.2% of the total market capitalization of $153.2 billion.
Tether, the company behind the USDT stablecoin, has minted another billion coins on the Tron blockchain.
This issuance comes just two days after a similar release on the 2nd of April.
USDT Market Dominance
No official comment has been made by Tether regarding this recent batch of USDT.
According to current data from CoinMarketCap, USDT’s market capitalization stands at $106.2 billion.
The DefiLlama dashboard further confirms USDT’s market dominance, showing it accounts for 69.2% of the total market capitalization of $153.2 billion.
Correlation with Bitcoin Price
CryptoQuant analysts have observed a correlation between the circulating supply of USDT and the Bitcoin (BTC) rate.
Since the end of 2022, the circulating supply of USDT has increased by about 30 billion, with each increase coinciding with a rise in Bitcoin’s price.
Despite being the dominant stablecoin issuer in the market, information about Tether’s reserves remains unclear.
This lack of transparency has led to concerns about potential depreciation of the stablecoin, which could significantly impact the cryptocurrency market.
Tether has faced criticism following a Wall Street Journal investigation that claimed its partners used counterfeit documents and shell companies to gain access to the banking system.
