TRON becomes the second-largest USDT issuer

Written by: Ali Raza
May 11, 2020
  • TRON recently surpassed Omni as being the second-largest Tether (USDT) issuer.
  • The largest project issuing USDT coins is still Ethereum with $5.7 billion in USDT coins.
  • Tether seems to own $8.59 billion in USDT now, while only a few weeks ago it had $6.229 billion.

Bitcoin halving is now only hours away, and as such, it caused the crypto industry to see another price drop. Of course, this is something that many have expected to see, and it is not nearly as severe as the crash in mid-March, which was caused by coronavirus fears.

But, the drop still comes as a rather serious one, and it even managed to knock down Bitcoin price from $9,600 to $8,100. The price has recovered somewhat since then, and it currently balances at around $8,700.

Tether on TRON grows; TRON becomes second-largest USDT issuer

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The drop came as many expect the price to fall after the halving, which is why crypto skeptics once again started cashing out. Of course, many are not leaving the crypto industry entirely, but they still wish to find a safe haven. As in early 2018, when the crypto winter first started, they turned from Bitcoin to Tether (USDT).

However, the crypto investors’ switch to USDT is not the only reason why Tether is making headlines. According to a recent tweet by TRON CEO, Justin Sun, his project is now the second-largest USDT issuer in the industry.

As many likely know, Tether is a crypto that has already spread out to multiple blockchains. It currently exists on six different chains, in six different versions. TRON just became the second-largest issuer of the stablecoin, with over $1.6 billion units on its blockchain.

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Tether growing on six different blockchains

Of course, Tether still has the strongest presence on Ethereum, which dominates with $5.7 billion USDT units. However, until recently, the second spot was held by Omni, which has now slipped to the third spot on the list.

Ethereum leads with $5,737,970,410.92 in USDT, followed by TRON, which now has $1,603,395,020.12 in USDT.

Omni is in the third spot with $1,335,000,000.00 in Tether coins, followed by Liquid ($16,561,000.00), EOS ($5,251,000.50), and Algorand ($1,000,010.00) blockchains.

In addition to this, it is known that Tether, the company behind the stablecoin, currently owns $8.591 billion in assets. This is a significant increase from late April, when the firm declared that it only owns $6.229 billion. In fact, it is a 38% growth in only a few weeks.