The Blockchain network Tron (TRX) now sports the issue of more than $ 30.9 billion of Tether (USDT), a tweet from founder Justin Sun said yesterday. It is now the largest Tether supply managed by any particular blockchain.
“Congratulations on TRC20-USDT reaching the 30 billion mark, as the best performing stablecoin with immediate transactions and free handling fees on TRON,” wrote Sun on Twitter. The number came months after Tether in Tron exceeded the stablecoin stock in Ethereum.
– Justin Sun 🅣🌞 (@justinsuntron) May 13, 2021
The Tron jump
Tether is a ‘stablecoin’ supported on a 1: 1 basis with the US dollar, which means it is always worth $ 1 (although there are higher prizes on individual crypto exchanges). Stablecoin is issued in more than eight blockchains: Algorand, Bitcoin Cash, EOS, Ethereum, Liquid Network, Omni, Solana and Tron – each with varying rates and settlement speeds.
The main emitter of Tether, for much of its existence, has been the Ethereum network. However, slow speeds (15 transactions per second) and high rates (an average of $ 20, reaching more than $ 200 in some cases) have prompted merchants and users to switch to other block chains.
Tron somehow emerged at the top. He claims to have a tps of 2,000 and charges a fraction of a cent in fees, allowing him to reach the 30 billion USDT bid mark yesterday.
Tether releases data… for the first time
The Tron landmark came at the back of the Tether, releasing its secured asset data for the first time in its nearly seven-year history. The currency’s issuer, Tether Global, has been the subject of great controversy in recent years, with critics claiming that Tether may, in fact, not be backed by dollars.
The collapse, however, shed light on support. He said that a large part of Tether’s reserves were in cash, cash equivalents or other short-term deposits, with the remainder in secured loans, corporate bonds and “other” investments.
📢Tether releases quarterly information about the composition of its reserves backing issued tether tokens ⬇️https://t.co/LP72rAuDtz
– Tether (@Tether_to) May 13, 2021
Tether discloses quarterly information on the composition of its reserves guaranteeing tether tokens
In the ‘money’ part, the part was interesting: 65.39% of the support came from unspecified ‘commercial paper’, while the rest came from fiduciary deposits (24.2%), money (3.87%), notes reverse commitments (3.6%) and Treasury Bills (2.94%).
Tether also said that part of its stablecoins were backed by Bitcoin (1.64% of its total supply) and gold (9% of its total supply).