The Frequency Of Minting USDT Increase Indicates Bitcoin Bulls?
In the cryptocurrency market, stablecoins play an important role. USDT issued by Tether is the largest and most active U.S. dollar stablecoin. So far, Tether has issued a total of US$1,176 billion on blockchains such as Tron, Ethereum, Avalanche, Solana, Ton, Near, Celo, Omni, Cosmos, EOS, Tezos, Polkadot, Algorand, Liquid, SLP, and Kusama Asset Hub. USDT has the largest number of mints on the Ethereum and Tron blockchains, with a net circulation of $606 billion on Tron and $533 billion on Ethereum.
Usually, the market activity of cryptocurrencies is related to the amount and frequency of stablecoin minting and issuance, because the scenarios of stablecoins include over-the-counter transactions in the primary market, exchanging for cryptocurrencies such as Bitcoin and Ethereum in secondary market, or entering financial derivatives markets such as mortgage lending and futures trading.
Let’s take a look at how much USDT Tether has minted on Ethereum and Tron since the beginning of 2024. All statistics come from Tokenview platform.
Since 2024, Tether has minted USDT 25 times, each time for $1 billion, for a total of $25 billion, of which $13 billion is on TRON and $12 billion is on Ethereum. According to the monthly statistics, $5 billion was minted in January 2024, $2 billion was minted in February, $6 billion was minted in March, $5 billion was minted in April, $2 billion was minted in May, $1 billion was minted in June, $1 billion was minted in July, and $3 billion was minted in August. It is obvious that the minting accounted for more than 50% in the first quarter and 84% in the first half of the year, which coincided with the new highs in Bitcoin prices. Since June, the number and frequency of minting have dropped significantly, and the cryptocurrency market has also entered a volatile period. It is worth noting that 3 times of USDT minting have been made in August, with $1 billion minted on Ethereum on August 13 and $1 billion minted on Ethereum and TRON on August 20, respectively. This may be the restart of the next cycle of cryptocurrency bull market.
If you are a cryptocurrency enthusiast, you can use the stablecoin site of Tokenview to view data related to stablecoins; if you are a cryptocurrency / Web3 developer, you can register on the Tokenview Developer Platform and use the stablecoin API to obtain more historical data, real-time data, etc.
