Market
Tether Mints $1 Billion USDT on Tron: Here’s What to Know
Tether, the issuer of the most capitalized stablecoin, minted $1 billion USDT tokens on Tron today, adding to a stockpile of prints this month.
Blockchain tracker Whale Alert reported the transaction, just a week after a similar $1 billion minting on the Ethereum blockchain.
Tether Adds $1 Billion USDT to Inventory
Paolo Ardoino, Tether’s CEO, explains that this minting is an “USDT inventory replenish,” meaning the tokens are authorized but not yet issued. They are added to Tether’s inventory for future issuance requests and chain swaps. This approach helps ensure sufficient supply for effective liquidity management, with tokens released into circulation when officially issued.
Typically, firms replenish inventory to meet anticipated demand. Tether’s move suggests increasing demand for USDT on Tron, where supply has been running low. As of August 19, Tether’s transparency page shows only $36 million USDT tokens on Tron, all authorized but not issued.
Read more: 9 Best Crypto Wallets to Store Tether (USDT)
In case of a sudden demand surge on Tron, Tether can promptly meet this interest. With today’s $1 billion mint, the stablecoin issuer’s total issuance has reached $17 billion since Bitcoin peaked above $73,000. Notably, this continuous minting aligns with recent market rallies, fueling speculation that these issuances may be driving the crypto market’s momentum.
“Everyone talking about global M2 breaking out, but I’m looking at total stablecoin market capitalization: fresh record high above $165 Billion. This implies higher liquidity in the crypto markets,” Julio Moreno, Head of Research at CryptoQuant, stated.
Based on the chart below, the total stablecoin market capitalization (blue) has surged significantly. This growth can enhance crypto market liquidity, making it easier for traders to buy and sell assets. Increased liquidity can improve price stability and market efficiency, potentially driving up demand for other cryptocurrencies and contributing to price appreciation.
On the other hand, it may also signal elevated risk levels in the market, with investors seeking refuge in stablecoins amid market uncertainty or high volatility.
Read more: How to Buy USDT in Three Easy Steps – A Beginner’s Guide
Elsewhere, Tether has launched USDT on the Aptos blockchain to improve the stablecoin accessibility. This move leverages Aptos’ advanced architecture, offering exceptional speed and scalability. The integration will also deliver low gas fees, significantly reducing transaction costs.
“We’re building a strong, global, and institution-grade DeFi and payments ecosystem that values speed, decentralization, and interoperability while leveraging Move on Aptos to make it all work. The launch of USDT on Aptos accelerates the availability and utility of real-world value for institutions, Web3 builders, and regular people worldwide,” Head of Grants and Ecosystem at Aptos Foundation, Bashar Lazaar said.
Post-integration, Tether will be able to mint USDT directly on Aptos, just like it does on Tron and Ethereum.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
VanEck Expands DeFi Offerings with PYTH ETN on Euronext
Asset manager VanEck has launched a new ETN based on PYTH, specifically for European buyers. The Pyth network, a decentralized oracle protocol, has earned praise from VanEck for its potential to transform the DeFi landscape.
This launch follows several similar crypto-focused ventures by VanEck in recent months.
VanEck Launches PYTH ETN
According to a recent press release, asset manager VanEck is listing a new exchange-traded note (ETN) based on PYTH today. The Pyth network is a decentralized oracle protocol that uses PYTH as a network token. PYTH’s value has risen slightly since this announcement, bucking a decline this month, but there has not been a substantial price jump.
This new ETN is one of several recent crypto project investments by VanEck. Earlier in October, the firm launched a $30 million venture fund aimed at crypto startups and, just last week, partnered with Kiln to offer Solana staking.
Read more: What Is a Blockchain Oracle? An Introductory Guide
VanEck publicly stated that Pyth’s technical potential inspired its latest ETN offering. Listed on Euronext Paris and Euronext Amsterdam, the ETN is now available to investors. Although distinct from an ETF, it shares some similarities: its value is tied to PYTH, and VanEck secures the ETN’s underlying assets in cold storage.
“Smart contracts… are gaining increasing significance in the financial world… and oracle networks play a crucial role in enabling [their] real-world use. With our Pyth ETN, investors have the opportunity to participate in the development of… Pyth Network, which has the potential to become a crucial part of DeFi application infrastructure,” VanEck Europe CEO Martijn Rozemuller said.
Read more: Crypto ETN vs. Crypto ETF: What Is the Difference?
However, it remains unclear whether “underlying assets” specifically refers to PYTH tokens. The ETN’s value is derived from the MarketVector Pyth Network VWAP Close Index, which in turn tracks PYTH’s value indirectly. This layered approach to value calculation may help explain why PYTH’s price has remained relatively stable since the announcement.
The press release also notes that the ETN is available across 15 European countries under the ticker VYPT, with a total expense ratio of 1.5%. VanEck cautions twice in its statement about the “risk of extreme volatility” associated with the product.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
Swift, UBS, Chainlink Pilot Simplifies Tokenized Fund Transactions
In partnership with UBS Asset Management and Chainlink, Swift has completed a pilot program designed to streamline tokenized fund transactions through its established financial network.
Conducted as part of the Monetary Authority of Singapore’s (MAS) Project Guardian, this pilot demonstrates how financial institutions can leverage Swift’s existing infrastructure to manage off-chain cash settlements for tokenized assets.
Swift, Chanlink and UBS Aim to Streamline Fund Operations and Boost Efficiency
Swift, UBS Asset Management, and Chainlink have completed a pilot for settling tokenized fund subscriptions through the Swift network. The initiative addresses inefficiencies in the $63 trillion global mutual fund market by connecting 11,500 institutions to streamline manual processes and cut costly settlement delays that hinder liquidity.
“Chainlink is enabling institutions to reuse Swift’s infrastructure to facilitate payments for digital asset transactions. I am very excited by the upcoming adoption of these off-chain payment capabilities and how they will increase the flow of capital and expand the possible user base of digital assets,” Chainlink co-founder Sergey Nazarov said.
Read more: RWA Tokenization: A Look at Security and Trust
Chainlink and Swift’s pilot bears real potential in demonstrating how financial institutions can streamline these processes in the future. It automates payment processing for tokenized investment funds without requiring a fully blockchain-based system. This approach makes transactions faster and more efficient.
The pilot builds on earlier work between UBS Asset Management and SBI Digital Markets. Their previous collaboration focused on developing a Digital Subscription and Redemption system for tokenized funds.
Using Swift’s established infrastructure, the pilot demonstrated how fund transactions could be settled efficiently by connecting traditional systems with blockchain. Upon meeting specific conditions, UBS’s tokenized investment funds automatically issued or canceled fund tokens for investors.
UBS rolled out a tokenized fund on the Ethereum blockchain on November 1. The “UBS USD Money Market Investment Fund Token,” known as “uMINT,” aims to meet growing demand for tokenized assets. Meanwhile, MAS highlighted its dedication to asset tokenization, drawing insights from 40 institutions and 15 pilot trials.
“Our collaboration with UBS Asset Management and Chainlink under MAS’ Project Guardian uses the Swift network to bridge digital assets with existing systems. This approach supports our goal of helping financial institutions securely transact across various digital asset classes and currencies,” Swift Head of Strategy Jonathan Ehrenfeld commented.
Read more: How To Invest in Real-World Crypto Assets (RWA)?
The pilot highlights the growing momentum toward integrating digital assets with mainstream financial systems, illustrating how established infrastructures like Swift’s can support the fast-evolving digital economy.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
Why FET Recovery Could Be More Than 10% in November
Artificial Superintelligence Alliance (FET) is one of the top gainers today, registering a 10% increase within the last 24 hours. This FET recovery contradicts its performance in October, when its price decreased by 13.39%.
Following this rebound, on-chain data shows that the altcoin could be working toward wiping out those losses. Here is how.
Artificial Superintelligence Alliance Sees Buying Pressure
Yesterday, FET’s price was $1.10. But as of this writing, the altcoin’s value has risen to $1.25. According to the 4-hour chart, FET’s price climbed this high due to rising buying pressure.
Notably, Bull Bear Power (BBP) has jumped to the positive region after remaining in the red area since November 1. The BBP shows whether the strength of buyers is greater than that of sellers.
When the reading is negative, bears have the upper hand. Therefore, in this instance, bulls are in control. As such, the altcoin’s value could continue to climb if this remains the same.
Read more: How to Invest in Artificial Intelligence (AI) Cryptocurrencies?
The Money Flow Index (MFI) is another indicator suggesting that the FET recovery could be swift. The MFI, which measures buying and selling pressure by analyzing price and volume data, has shown a positive trend for FET.
A rising MFI indicates increased buying pressure, which supports the likelihood of continued price growth as demand for the asset strengthens. Therefore, if bulls sustain this momentum, then the altcoin’s price might continue to rise.
FET Price Prediction: Token to Breach Resistance
Since the IOMAP indicates that there is only one significant resistance level for FET at $1.28, where 3,590 addresses hold 616.89 million tokens, it suggests that surpassing this level could open up further upside potential.
Notably, the IOMAP tool categorizes addresses by whether they are making a profit, breaking even, or incurring losses at the current price
This accumulation zone acts as a key psychological barrier. The volume of tokens accumulated here is notably higher than the amounts held between $1.06 and $1.25, signaling that if buyers manage to push the price beyond $1.28, FET could gain strong momentum.
Read more: Which Are the Best Altcoins To Invest in November 2024?
Therefore, if buying pressure continues to increase, FET could rally all the way to $1.44. However, if bulls fail to breach the resistance, the altcoin price might pull back, and FET could drop to $1.10.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
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