$1 Billion USDT Gets Minted on TRON – Will TRX Hit $1?
Tether is expanding its supply of stablecoin by minting $1 billion worth of USDT on the TRON blockchain. This move demonstrates Tether’s commitment to increasing liquidity across different chains, as well as highlighting the rapid growth of TRON’s DeFi ecosystem.
Tether’s strategic expansion on TRON
According to on-chain data analysis by X account Lookonchain, Tether’s Treasury minted a $1 billion batch of USDT just a week after the previous billion-dollar batch. This event underscores the rising demand for stablecoins, especially during periods of heightened market activity. TRON remains a significant blockchain for decentralized finance (DeFi) applications and cryptocurrency transactions. Tether’s transparency page indicates that the total amount of USDT on the TRON network is currently $61,742,996,582.03.
The impact of Tether’s USDT minting spree on Tron’s TRX token price
Despite Tether’s vote of confidence in the TRON network, the price of the $TRX token has not experienced a significant boost this week or in the past three months. $TRX has been gradually declining, dropping by 46% since reaching an all-time high of $0.4313 on December 4, 2024. In the last 24 hours, $TRX rose 1% and is currently trading at $0.2311. This increase is in line with Bitcoin’s performance, which also gained 1% overnight.
However, when considering TRON’s performance over the past week, $TRX has fared better than most of the top 20 cryptocurrencies by market cap, except for Bitcoin. While Bitcoin lost 5%, $TRX only lost 9.5%, while other leading projects experienced double-digit percentage drops. The relative strength indicator (RSI) for $TRX has mostly been above 50 since the beginning of February, indicating strong buying momentum throughout the month.
TRON and USDT investors diversify with Best Wallet
With Tether expanding its supply across different chains and $TRX maintaining its value better than most cryptocurrencies this week, there are indications that the crypto industry is in a relatively stable and diverse position, which is favorable under a pro-crypto administration led by Donald Trump.
Another promising investment is the ICO for Best Wallet’s new native utility token, $BEST. Best Wallet is a next-generation cryptocurrency wallet that is expected to surpass Trust Wallet and MetaMask in the sector. In addition to providing secure self-custody solutions, Best Wallet offers features that help crypto investors and traders stay on top of a changing market.
One of the wallet’s notable features is the “Upcoming Tokens” tool, which selects the most promising crypto projects, often during their ICO phases, allowing Best Wallet users to make early moves. It also highlights the most rewarding staking opportunities to optimize portfolio earnings. Best Wallet currently supports over 1,000 cryptocurrencies, including Tether and TRON, and utilizes Fireblocks’ MPC-CMP encryption to ensure the safety of user assets.
The current price of $BEST is $0.0239, but it is expected to increase as the presale progresses to the next round in just over 24 hours. The new Best Wallet presale has raised approximately $9.3 million to date.
Please note: Cryptocurrency is a high-risk asset class. This article is for informational purposes only and does not constitute investment advice. There is a possibility of losing all of your capital.