Tether allows renewal of TRON network at a cost of $1 billion USDT
Accounts that track blockchains for large coin transactions, transactions and token transfers have identified a $1 billion Tether authorization (USDT) in the Tether Treasury, which will provide short-term liquidity in USDT for the Tron network.Blockchain tracker WhaleAlert drew attention to the authorization of $ 1 billion in X (formerly Twitter), which prompted a quick response from Tether technical director Paolo Ardoino, who said that USDT tokens will be used as inventory to replenish the Tron network.Ardoino added that the event is an authorization rather than an actual export, determining that the allocated amount will be used as inventory for future export requests and chain exchanges from the Tron network.PSA: Stock replenishment on the Tron network at 1B USDT. Please keep in mind: this is an authorized but not transacted transaction, which means this amount https://t.co/Y1bqxZglgRAs According to Tether's official FAQ page, authorized but not released USDT is required to enable the creation and release of tokens: Authorization of USDT in the Tether Treasury allows the company to release USDT immediately after receiving the client's funds to ensure that the issuer receives 100% of the funds. reserves.As Cointelegraph previously reported, USDT tokens issued on the Tron blockchain have reached unprecedented highs in 2023. The network accounts for US$ 42.8 billion in circulation, while about US$ 39 billion remains on the Ethereum blockchain in the circuleert chain.CTO De tether recently announced similar key USDT permissions allocated by blockchain trackers with a $1 billion USDT coin to support Ethereum the chain change will take place in June 2023.Tether's market capitalization grew to more than $83 billion in 2023, and has increased to about $16 billion in U.S. dollar terms since January. USDT remains the leading stable coin with the US dollar by market capitalization.In contrast, the market value of the stable coin Circle USD Coin (USDC) has fallen from $ 50 billion at the beginning of 2023 to $ 26 billion at the time of its issuance.The collapse of Silicon Valley Bank (SVB) has been cited as a factor affecting the decline in USDC's market value, as Circle has invested $3.3 billion in the facility since its collapse in March 2023.Collect this article as NFT to preserve this moment in history and to show your support for independent journalism in the crypto space.Magazine: Deposit risk: What are crypto exchanges really doing to your money?