Tether Mints $1 Billion USDT on Tron (TRX) Network to Meet Surging Stablecoin Demand

Tether, the leading stablecoin issuer, has minted an additional $1 billion USDT on the Tron (TRX) network, signaling strong demand for stablecoins amid volatile market conditions. The move, announced by Tether CEO Paolo Ardoino, highlights the growing role of TRON in facilitating large-scale stablecoin transactions.

Tether Mints $1 Billion USDT on Tron Network Amid Rising Stablecoin Demand

Leading stablecoins issuer Tether minted 1 billion USDT on TRON (TRX) network on Saturday, April 12, during the early Western financial markets. According to Paolo Ardoino, CEO of Tether, the 1 billion mint is an authorized but not an issued transaction, meaning that this amount will be used as inventory for next period issuance requests and chain swaps. Meanwhile, onchain data shows that 450 million USDT were transferred from Tether treasury to HTX exchange a few hours ago.

Justin Sun Refutes Allegations by Wall Street Journal Regarding CZ’s Involvement

Justin Sun, the founder of Tron, has dismissed rumors that Changpeng Zhao (CZ), the former CEO of Binance, provided compromising information about him to U.S. authorities as part of CZ’s judicial agreement. Sun took to social media to refute these allegations, stating that he hadn’t heard about the rumors and that CZ remains his mentor and friend. The Wall Street Journal had published an article on April 11, claiming sources stated CZ collaborated with the Department of Justice against Sun.

Bitcoin Touches New Heights; Ethereum and TRON Show Movement

Bitcoin’s value has surged to $83,720, a 1.98% increase over the past 24 hours, bolstering its market capitalization to $1.661 trillion. Ethereum, despite a weekly decline of 10.85%, experienced a 2.64% rise over the past day, settling at $1,599. TRON (TRX) saw notable gains, rising by 5.47% daily and 5.75% weekly. The overall cryptocurrency market has reached $2.66 trillion, reflecting robust investor interest and the sector’s expanding influence. The crypto market presents both opportunities and challenges, emphasizing the need for informed investment strategies.