TRON $USDT Issuance Surpasses $60 Billion, Founder Justin Sun Highlights Increasing Prominence

TRON DAO is the first and only blockchain with a single stablecoin valued at more than $60 billion, founder Justin Sun reported

The total volume of stablecoins currently stands at $84.61 billion, which constitutes 92.05% of the 24-hour volume of the entire cryptocurrency market, as reported by CoinMarketCap. This highlights the significant role that stablecoins continue to play in the crypto landscape.

In a recent development, Tether Treasury has minted 1 billion USDT, as evident from a transaction that occurred 14 hours ago. This move is likely to further increase the circulating supply of USDT, which is already the most widely used stablecoin in the crypto market.

Meanwhile, TRX price seems to be affected by the news of surpassing the $USDT issuance, as the coin is trading in negative territory. At press time, the coin is down 0.73% and trades at $0.1344.

However, these developments come amidst legal troubles for Tether and Bitfinex, which were highlighted in a class-action lawsuit filed in the Southern District of New York.

The plaintiffs in the lawsuit have alleged that the two companies were involved in a scheme to issue billions of dollars in unbacked USDT, which was then used to inflate the market demand, particularly for Bitcoin (BTC) trading, and to drive up the price of BTC.

The lawsuit also accuses Bitfinex and Tether of violating federal statutes, including the Commodities Exchange Act and the Sherman Antitrust Act, by concealing the true backing of USDT from investors. It seeks substantial monetary damages for the alleged market manipulation, which is the latest in a series of legal challenges faced by the two companies over the years.

As a stablecoin, TRON price is expected to experience less volatility in the market. Stablecoins are a type of cryptocurrency whose value is pegged to another currency, commodity, or financial instrument.

The high volatility of popular cryptocurrencies, such as Bitcoin (BTC), makes crypto investments less suitable for everyday use. Stablecoin aims to solve this problem.

However, if the investor sentiment turns sour, like it did today, the price of TRON is expected to decrease by 3.14% to $0.130243. But the technical indicators show a bullish current mood for the coin, and the Fear & Greed Index is currently at 69 (Greed).

Over the past 30 days, TRON had 18 out of 30 (60%) green days and 5.49% price volatility. The technical analysis indicators also indicate a bullish overall sentiment for the TRON price prediction, with 28 technical analysis indicators giving bullish signals and 2 bearish signals.

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