Summary:
- Tether mints $1 billion in new USDT tokens on the Tron blockchain.
- Stablecoin market cap exceeds $160 million after months of stagnation.
- Analysts remain cautious about predicting a bullish market trend.
Tether has minted $1 billion in new USDT tokens on the Tron blockchain, a move that coincides with a growing stablecoin market cap, which has surpassed $160 million. This latest minting, observed on July 24 by Arkham, was executed without transaction fees and is typically seen as a bullish indicator.
The issuance of new USDT comes as the total number of stablecoins in circulation has been increasing since June 29. However, experts from blockchain analytics firm Nansen caution against assuming this trend will lead to higher crypto prices. They highlight the importance of considering both on-chain metrics such as decentralized exchange volumes and address stats, as well as off-chain data like exchange-traded fund flows, macroeconomic outlooks, and monetary policies.
While the stablecoin market shows signs of recovery, technical analysts suggest the crypto market still has a way to go before a sustained price increase can be confirmed. The circulation of stablecoins like Circle’s USDC, Tether’s USDT, Maker’s DAI, Paxos’ PYUSD, and USDD reflects growing user demand, but market observers remain watchful for more definitive trends.
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