Tether just minted 300,000,000 USDT on Tron blockchain, the Bitfinex team reported on the official blog of company.
Paolo Ardoino, CTO at Bitfinex, in turn, noted that this is an authorized but not issued transaction. Thus, this amount will be used as inventory for the next period issuance requests.
PSA: 300M USDt inventory replenish on Tron Network. Note this is a authorized but not issued transaction, meaning that this amount will be used as inventory for next period issuance requests.https://t.co/xw0crkzn3d
— Paolo Ardoino (@paoloardoino) July 29, 2020
According to the community, 300 million is nothing compared to the issue of US dollars.
Thus, the situation in the stock market resembles the Great Depression in 1929. And the trigger for such a forecast will be the third quarter of 2020, which will show if there is a chance for a quick economic recovery, or a recession has begun.
In recent times, TRON blockchain has been witnessing the minting of huge USDT on its blockchain network, and this has been elevating the position of the blockchain network within the stablecoin realm in the crypto industry.
Due to the high volume of USDT on TRON blockchain, the network ranks the second behind Ethereum in the stablecoin sector.
TRC20-USDT Supply Exceeds 3.4 Billion
A post with similar news was published by Tron co-founder, Justin Sun. He notes that the TRC20-USDT supply exceeds 3.4 Billion. At the same time, the number of wallets exceeds 577,000.
— Justin Sun (@justinsuntron) July 29, 2020
Some of Justin’s microblog readers expressed their approval for the news. Another belief that this means nothing (due to the emission of USDT without burning coins).
Recall, the developers announced the launch of USDT based on the TRON Foundation blockchain in March 2019. Then the asset then joined the group of “stable” coin projects, which were previously released on the Bitcoin and Ethereum blockchains alone.
TRC20-based USDT offers interoperability with TRON-based protocols and decentralized applications (DApps). It also allows users to make transactions and exchange cryptocurrencies through the TRON network.
TRON is a blockchain platform launched in 2017 that allows ecosystem members to create entertainment apps and content, and offer the internet space decentrakization. Its distribution on the network is rewarded and paid for by the native cryptocurrency of the Tronix project (TRX). Thus, users submitting content within the network get the opportunity to monetize their creativity.
At the press time, TRX token rate is about $ 0.02.
Justin Sun has long enjoyed a controversial reputation over the community. Already at the start, the project faced accusations of plagiarizing its white paper.
Events related to the purchase of BitTorrent and Steemit also caused an ambiguous interpretation by the crypto community in large.
However, there are five arguments, which demonstrates the prospects of Tron:
- Users are actively using staking.
- There is an activity in decentralized applications.
- TRX is traded on both decentralized exchanges and their centralized counterparts.
- Node operators and coin holders with voting rights are rewarded.
- Wallets with a small amount of TRX own the majority of the supply. Most of the tokens are not concentrated in a few wallets but are distributed evenly. This is a good sign for the ecosystem, indicating a high degree of decentralization.