- Tether (USDT) Minting and Burning Affects Bitcoin’s Price
- Amount of USDT Issued on Ethereum Is 7.2 More than that on Tron
Tether News Today – Recently, a whale transaction of $15M USDT minted at Tether ignited a monetary hype. Nevertheless, the Chief Technology Officer of Bitfinex and Tether – Paolo Ardoino – clarified the community that it was a chain swap from ERC20 to Tron.
Tether (USDT) Minting and Burning Affects Bitcoin’s Price
Burning or printing new USDT tokens has had predominant impacts on the price of the world’s largest digital currency by market cap – Bitcoin (BTC). This year alone, the volume of Tether (USDT) has increased by 122 percent. Not only has it increased by that magnitude, but it has also served as a lead indicator for Bitcoin (BTC) price. The twenty-four hours trading volume of Bitcoin (BTC) and Tether (USDT) are also comparable.
The CTO also notified Whale Alert to modify their alert system so it would be reporting swaps differently. In a tweet, he said:
“It would be nice to have a better notification for chain swaps.”
Ethereum (ETH) Price Today – ETH / USD
Amount of USDT Issued on Ethereum Is 7.2 More than that on Tron
Tether operates on different chains – Omni, EOS, Ethereum, Tron, and Liquid. The last four chains were introduced in the past year. With low transaction volumes through decentralized applications and digital currencies, Tether transactions account for a significant portion of digital currency transactions. The $15 million swap from the blockchain of Ethereum to Tron is huge. Nevertheless, when comparing the total volume of ERC20-based USDT tokens, it still has a long way to go.
The latest Tether transparency update shows that the amount of USDT tokens on Ethereum is more than 7 times greater than the amount of USDT issued on Tron. The total USDT in circulation is $4.4 billion. Out of that amount, the total authorized tokens on Ethereum is worth $2.023 billion. Whereas, the total authorized Tether in circulation on the Tron network is $279,589,610. The total supply on EOS is $5.2 million. The total on Omni is $2.145 billion, and the total on Liquid is $61,000.
Besides being the dominant holder of Tether (USDT) tokens, Ethereum appears to be gaining spotlight from the tentative launch of CFTC approved Futures. Ethereum has faced a lot of criticism over the years. The platform has some scalability issues which is yet to be fixed. It is also facing criticisms for uncertainty around the launch of Ethereum 2.0. Despite all these setbacks, Ethereum still seems to be the leading platform in the digital currency space.