In a major development for the crypto industry, 1 billion dollars’ worth of USDT, the most popular stablecoin in the world, was minted on the Tron network. This is a significant milestone for both Tron and USDT, as it shows the growing demand and adoption of both platforms, the mint flow was announced by Whales Wallet Allert.
USDT, or Tether, is a cryptocurrency that is pegged to the US dollar, meaning that each USDT token is backed by one dollar in reserve. USDT is widely used as a medium of exchange, a store of value, and a hedge against volatility in the crypto market. USDT has a market capitalization of over 70 billion dollars, making it the third-largest cryptocurrency by that metric.
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, CTO USDT wrote on X.
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Tron is a blockchain platform that aims to create a decentralized internet, where users can create and share content, applications, and services without intermediaries. Tron boasts high scalability, low fees, and fast transactions, making it an attractive choice for developers and users alike. Tron has a market capitalization of over 10 billion dollars, making it the 12th-largest cryptocurrency by that metric.
The minting of 1 billion dollars’ worth of USDT on the Tron network was announced by Justin Sun, the founder and CEO of Tron, on his Twitter account. He said that this was “an incredible milestone for the growth of the Tron ecosystem and a testament to the hard work and dedication of the Tron community.”
The minting of USDT on Tron has several benefits for both platforms and their users. First, it increases the liquidity and accessibility of USDT, as users can now easily transfer and trade USDT on the Tron network, as well as use it for various decentralized applications (dApps) and services on Tron.
Second, it enhances the security and stability of USDT, as Tron provides a robust and reliable infrastructure for USDT transactions and storage. Third, it boosts the adoption and innovation of Tron, as more users and developers are attracted to its fast, cheap, and scalable network.
The minting of USDT on Tron is also a positive sign for the crypto industry as a whole, as it demonstrates the growing collaboration and interoperability between different blockchain platforms. It also shows the increasing popularity and acceptance of stablecoins as a vital component of the crypto ecosystem.
The minting of 1 billion dollars’ worth of USDT on the Tron network is a remarkable achievement that benefits both Tron and USDT, as well as their users and developers. It also reflects the dynamic and evolving nature of the crypto industry, where new opportunities and challenges arise every day.
Grayscale updates version of its spot Bitcoin ETF application
Grayscale, the world’s largest digital asset manager, has filed an updated version of its spot Bitcoin ETF application with the U.S. Securities and Exchange Commission (SEC). The new filing reflects Grayscale’s commitment to bringing a Bitcoin ETF to market as soon as possible and addresses some of the concerns that the SEC has raised about the potential risks and benefits of such a product.
A spot Bitcoin ETF would allow investors to gain exposure to the price of Bitcoin without having to buy, store, or manage the cryptocurrency themselves. It would also provide more liquidity, transparency, and regulatory oversight than existing products that track Bitcoin futures or other derivatives. Grayscale believes that a spot Bitcoin ETF would be in the best interest of investors and the broader crypto ecosystem, as it would lower the barriers to entry and increase adoption.
Grayscale’s updated application includes several enhancements and clarifications that aim to address the SEC’s feedback and questions. Some of the key changes are:
Grayscale has partnered with BNY Mellon, a leading global custodian, to provide fund administration and accounting services for the Bitcoin ETF. BNY Mellon will also act as the transfer agent and ETF service provider, ensuring that the ETF meets the highest standards of operational efficiency and compliance.
Grayscale has revised its valuation methodology for the Bitcoin ETF, which will now use multiple pricing sources that reflect the spot market for Bitcoin across various platforms and geographies. This will ensure that the ETF’s net asset value (NAV) accurately reflects the fair market value of Bitcoin at any given time.
Grayscale has enhanced its security and risk management protocols for the Bitcoin ETF, which will employ multiple layers of protection to safeguard the fund’s assets and investors. These include using qualified custodians with extensive experience in handling digital assets, implementing strict cybersecurity measures and audits, and maintaining adequate insurance coverage and reserves.
Grayscale has provided more details on its plans to educate investors and the public about the Bitcoin ETF and the crypto space in general. Grayscale intends to leverage its existing resources and partnerships, such as its Trust Center, its educational webinars and podcasts, and its relationships with industry associations and media outlets, to raise awareness and understanding of the Bitcoin ETF and its benefits.
Grayscale’s updated application is another milestone in its long-standing efforts to bring a Bitcoin ETF to market. Grayscale first filed for a Bitcoin ETF in 2016 but withdrew its application in 2017 due to regulatory uncertainty. Since then, Grayscale has continued to engage with the SEC and other regulators, as well as with investors and stakeholders, to advocate for a spot Bitcoin ETF. Grayscale hopes that its updated application will demonstrate its readiness and ability to launch a Bitcoin ETF that meets the SEC’s standards and expectations.
Grayscale is confident that a spot Bitcoin ETF will soon become a reality in the U.S., as it has already done in other jurisdictions such as Canada and Europe. Grayscale believes that a spot Bitcoin ETF will be a game-changer for the crypto industry, as it will open up new opportunities for innovation, growth, and inclusion. Grayscale invites investors and the public to learn more about its Bitcoin ETF proposal and to join its mission to make digital assets accessible to everyone.