Tether and Circle mint 1B USDT on Tron and 250M USDC on Solana, respectively

Source Cryptopolitan

The world’s largest stablecoin issuer, Tether, minted an additional $1 billion worth of USDT on the Tron network in the past 11 hours. At the same time, Circle also minted another 250M USDC on the Solana network.

Data revealed that Tether has minted 3B USDT on Tron since the beginning of 2025. Circle has also minted a total of 7.75B USDC on Solana since the start of the year.

Tether and Circle mint additional USDT and USDC stablecoins

Blockchain data showed that the USDT issuer minted another 1B USDT on the Tron network and pushed its total minted tokens this year to 3B. The firm also revealed that it had over $134 billion in USDT tokens in circulation as of November 2024. 

“PSA: 1B USDt inventory replenish on Tron Network. Note this is an authorized but not issued transaction, meaning that this amount will be used as inventory for next period issuance requests and chain swaps.” Paolo Ardoino, CEO at Tether.

Tether’s new mint pushed its USDT supply to over $140 billion, with most of it being on Ethereum ($76.9B) and TRON ($61.7B).

Paolo Ardoino, Tether CEO, revealed the company’s attestation for Q4 2024, which indicated that Tether garnered $13.7 billion in profits for the year 2024. The company also gained ~$6 billion in profits for Q4 2024 and $113 billion in direct and indirect holdings.

The report also highlighted that the company issued $23 billion USDT in Q4 2024. Ardiono added that Tether had a total issuance of $45 billion USDT for year 2024, which represented almost the entire market cap of the second largest stablecoin. 

The firm also acknowledged that its USDT reached an impressive milestone of 400 million users globally who were mostly distributed among emerging markets and developing countries. Tether had $7 billion in its excess stablecoin reserves in 2024, which was a 36% increase year over year. According to Ardiono, the Tether Group proprietary equity also surged past $20 billion.

Data also showed that Circle resumed USDC minting on Solana after a 7-day pause. The firm has minted a total of $6B USDC on Solana in January and $1.5B in February. SpotOnChain also said that the 7-day break was the longest pause for Circle since previous mints were only up to 4 days apart.

The additional $250M USDC is part of Circle’s ongoing efforts to expand the reach and utility of its stablecoin across various blockchain platforms. The firm has been minting several batches of $250M USDC for several weeks. SpotOnChain maintained that the continued endeavor for Circle’s USDC mint was to meet the market-wide demand of the stablecoin.

Tether wants to influence how stablecoins are regulated in the U.S.

Eleanor Terrett, FoxBusiness journalist, also reported that Tether was working with U.S. lawmakers to influence how fiat-backed currencies are regulated in the U.S. Terrett disclosed that Tether had never received a full audit, but opted to provide quarterly assessments of its financial books from global accounting firm BDO. 

The journalist revealed that Tether had around 60% of the $230 billion stablecoin market. She also added that the company had become one of the largest holders of U.S. debt in the world, with over $114 billion of short-term Treasury bills in its reserves.

Terret highlighted that Congress was working to create legislation that will set a regulatory framework for stablecoins in the U.S. Ardoino told Terrett that the company was actively engaging with top lawmakers on how to best shape the law.

The journalist said that Congressman Bryan Steil had confirmed to Fox Business that Tether had been engaging in the discussion draft of the STABLE Act, which he and Congressman French Hill had introduced last week. According to Terrett, Tether would need to submit to a full monthly audit by a U.S. accounting firm for compliance with proposed regulations. The firm would also be required to maintain one-to-one reserves with assets that are pre-approved by regulators.

Cryptopolitan Academy: Are You Making These Web3 Resume Mistakes? - Find Out Here

Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
Natural Gas sinks to pivotal level as China’s demand slumpsNatural Gas price (XNG/USD) edges lower and sinks to $2.56 on Monday, extending its losing streak for the fifth day in a row. The move comes on the back of China cutting its Liquified Natural Gas (LNG) imports after prices rose above $3.0 in June. It
Author  FXStreet
Jul 01, 2024
Natural Gas price (XNG/USD) edges lower and sinks to $2.56 on Monday, extending its losing streak for the fifth day in a row. The move comes on the back of China cutting its Liquified Natural Gas (LNG) imports after prices rose above $3.0 in June. It
placeholder
Analysts Highlight 4 Reasons Why ETH Price Could Rebound Strongly in MayEthereum (ETH) has declined for five consecutive months. However, it enters May with rising optimism.
Author  Beincrypto
May 07, Wed
Ethereum (ETH) has declined for five consecutive months. However, it enters May with rising optimism.
placeholder
Solana Price Forecast: SOL flashes bearish signals, risks double-digit crashSolana (SOL) price shows early signs of a potential breakdown as it trades lower at $165.40 on Monday. SOL is approaching a key support level that could determine its next major move. Technical indicators flash red, and bearish sentiment intensifies, with short positions hitting a monthly high.
Author  FXStreet
May 19, Mon
Solana (SOL) price shows early signs of a potential breakdown as it trades lower at $165.40 on Monday. SOL is approaching a key support level that could determine its next major move. Technical indicators flash red, and bearish sentiment intensifies, with short positions hitting a monthly high.
placeholder
XRP Price Trades Sideways — Bulls Preparing for Next Push?XRP price started a fresh increase from the $2.150 zone. The price is consolidating gains and might aim for a move above the $2.220 zone.
Author  NewsBTC
21 hours ago
XRP price started a fresh increase from the $2.150 zone. The price is consolidating gains and might aim for a move above the $2.220 zone.
placeholder
Bitcoin Back in Uptrend: What's Next?​After experiencing extreme volatility last week, Bitcoin has returned to the uptrend this week.
Author  Insights
20 hours ago
​After experiencing extreme volatility last week, Bitcoin has returned to the uptrend this week.
goTop
quote