Tron-Based Tether Has Ballooned to Over 900 Million Tokens, Almost 22% of Total Supply
Since Tether’s (USDT) migration to other networks beside the BTC-based Omni protocol, significant shifts have taken place seeing the heavily-printed stablecoin rise to prominence also via Ethereum’s ERC20 standard and Tron’s TRC20 implementation. Ethereum-based USDT supply currently sits at over 2.2 billion tokens, while the Omni equivalent stands at around 1.5 billion. The Tron network adds over 900 million tethers to this mix, with the popular and controversial USDT stablecoin showing no sign of slowing down.
The Controversial, Multi-Network USDT
Tether’s expansion to other networks from the Omni Layer since its creation in 2014 is testament to its almost ubiquitous popularity. An asset seen as enabling stability and liquidity in the typically volatile context of crypto trading.
Tether has not been without its skeptics and detractors, however. From alleged market manipulation involving ties to Bitfinex, to terms of service revisions detailing that the asset is no longer backed only by dollars, but also by “other assets and receivables from loans made by Tether to third parties,” those scrutinizing the coin have had more than a few reasons to raise an eyebrow.
That notwithstanding, growth on the ERC20 and TRC20 standards shows that tether retains demand even when not associated with the Bitcoin Core protocol. Since the announcement of TRC20 tether in March 2019, USDT supply on the Tron Network has risen to over 900 million tokens.
Tron USDT Now Almost 22% of Total Supply
In October 2019, the supply of USDT on the Tron network made up almost 12% of all tethers. Fast forward to January, 2020, and the total supply of Tron USDT is 916,550,610.601 at press time. Given that the supply of USDT across all its various networks is 4,207,771,504, this means that TRC20 tethers now make up nearly 22% of the total supply of tokens.
Ethereum-Based Tether and Major Holders
Last summer, when ERC20 tether transactions flipped the number of USDT Omni transactions, the crypto space took notice. The amount of tether on the Omni Layer at that time (2.5 billion) has since dwindled to just 1.5 billion at press time, with the ETH network currently housing over 2.2 billion tethers on chain.
The EOS network is also home to the stablecoin, and sees tether’s circulating presence there at just over 5 million tokens, with a Bitfinex-managed account holding 88.6% of this supply. Where Tron is concerned, a Binance account is the top holder, and on the ETH network the top holder is Huobi. USDT also has a presence on the Algorand blockchain.
Tether Into 2020
It will be interesting to see how tether develops into the new year, as the outcomes of various legal battles, potential chain swaps and migrations of USDT to other networks, and the long-debated claims of the asset actually being redeemable for dollars, all stand to be brought to greater clarity.
What are your thoughts on Tether? Is USDT’s continued growth and printing good for the crypto space? Let us know in the comments section below.
Disclaimer: This article is for informational purposes only. It is not an offer or solicitation of an offer to buy or sell, or a recommendation, endorsement, or sponsorship of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Images courtesy of Shutterstock, fair use.
Did you know you can buy and sell BCH privately using our noncustodial, peer-to-peer Local Bitcoin Cash trading platform? The local.Bitcoin.com marketplace has thousands of participants from all around the world trading BCH right now. And if you need a bitcoin wallet to securely store your coins, you can download one from us here.
The post Tron-Based Tether Has Ballooned to Over 900 Million Tokens, Almost 22% of Total Supply appeared first on Bitcoin News.