The minting of USDT, the world's largest stablecoin by market capitalization, has dramatically declined on Ethereum and Tron networks. Over the past six months, issuance has fallen from $7 billion to just $1 billion. Sound like a catastrophy, yet it isn't. This sharp decrease coincides with a broader market contraction in June. It indicates reduced trading activity and waning demand for cryptocurrencies during this period. The question is, however, how serious this might be in a long-term perspective. An analyst on X highlighted this trend. And came up with a possible explanation, saying that the decline in minting activity reflects diminished blockchain utilization on both networks. Tron remains a preferred network for USDT minting despite Ethereum's dominance. It offers superior scalability and lower transaction costs. Ethereum has made strides in scaling. The emergence of layer-2 platforms like Base and Arbitrum has bolstered its ecosystem. Recent upgrades, such as Dencun, aim to reduce transaction costs on these layer-2 solutions. The drop in USDT minting suggests a broader decline in crypto demand. Historically, large-scale USDT minting has correlated with rising Bitcoin and crypto prices. Until minting activity resumes on these leading smart contract platforms, Bitcoin and major altcoin prices may remain suppressed. Tether, USDT's issuer, recently partnered with Uquid. The collaboration aims to modernize payments for the Philippines' Social Security System using the TON blockchain. Simultaneously, Tether announced the cessation of USDT minting on Algorand and EOS networks. Redemptions will continue for another year. USDT can still be minted on over ten platforms. The total USDT minted to date exceeds whopping $110 billion. Who says cryptocurrency isn't conquering the world right now?

The Philippines has adopted Tether's USDT for social security contributions. This move marks a significant shift in government payment systems. In some ways, this innovation might be considered as significant as El Salvador's Bitcoin adoption in 2021. The Social Security System (SSS) in the Philippines now includes USDT its payment options. Tether's USDT is the world's largest stablecoin by market capitalization. The SSS is a state-run social insurance program. It covers employees in the official, informal, and private sectors. The program provides support during difficult times. It manages two key initiatives: social security and employee compensation. Tether has partnered with Uquid, a Web3 shopping and infrastructure firm. This collaboration enables Filipino citizens to pay SSS contributions using USDT on The Open Network blockchain. Uquid emphasized the potential of stablecoins. "This partnership highlights how stablecoins like USDT and crypto can simplify our daily lives," a company spokesperson said. Uquid is a decentralized commerce infrastructure platform. It uses blockchain technology to offer crypto payment options. The company has built a user base of over 260 million in eight years. It supports merchants and customers across various markets. Tran Hung, CEO of Uquid, commented on the partnership. "This marks a significant milestone in bridging digital currencies and daily transactions," he said. "It makes crypto micropayment applicable." Stablecoin demand is rising globally. Just to quickly remind you, PayPal has launched its native stablecoin, PayPal USD, and Ripple plans to introduce its own stablecoin in early 2025. Stablecoins are increasingly used for cross-border payments at an institutional level. They have evolved from exchange on-ramps to key liquidity providers in various markets. And maybe Satoshi wasn't expecting this, but stablecoins might eventually become a more powerful force that Bitcoin itself in terms of making crypto a driving force in the world of finance.

Tether has announced the discontinuation of USDT minting on Eos and Algorand blockchains. But don't panic, Tether will continue redemptions for 12 months. The change takes effect from June 24. Tether claims, the move is supposed to balance its ecosystem. "We carefully evaluate the network's security architecture," Tether stated. Tether emphasized a commitment to user experience. "This transition will be executed meticulously and with minimal disruption," the firm assured. Eos and Algorand are among 17 blockchains supporting Tether transactions. Others include Ethereum, Tron, and Solana. Tron blockchain is the most efficient and popular for USDT stablecoin. In the end of June Tron-based USDT surpassed Visa in terms of daily transactions for the first time in history. The data speaks for itself. As of June 22, Eos-based Tether circulation stood at $75.5 million. This represents 0.06% of total USDT supply. Algorand-based USDT circulation was lower at $17 million. This accounts for 0.01% of total USDT supply. This is not Tether's first blockchain abandonment. The company has been selective in its network choices. But it is not all about cutting. Just recently Tether has expanded to new networks. It launched USDT on TON in April 2024. TON-based USDT has reached $500 million in circulation. This represents 0.44% of total USDT supply.

Tether's USDT stablecoin on the TRON network has overtaken Visa's daily transaction volume. We've been waiting for this for quite a while. This marks a significant milestone in the cryptocurrency sector. Market intelligence firm Lookonchain reported the development on social media platform X. The 24-hour trading volume of USDT on TRON reached $53 billion earlier this week. That's 10% more than the previous day. Meanwhile Visa's average daily trading volume stood at $42 billion. In general, Visa processed $3.78 trillion in transactions during Q1 2024. Tether recently launched a new gold-backed stablecoin called aUSDT. The digital asset is backed by Tether Gold (XAUT), which is linked to physical gold reserves in Switzerland. Paolo Ardoino, Tether's CEO, commented on the launch: "While the stabilization mechanism is different compared to traditional options like USDT, this innovative solution marks an exciting milestone." Ardoino also revealed plans to incorporate this technology into Tether's upcoming digital asset tokenization platform. So it becomes clear that Tether's is going to try to keep its leadership in the stablecoin space. Not to mention that the surge in USDT's volume on TRON highlights the growing importance of stablecoins in the digital economy. A few years ago we would only laugh at people who could assume that stablecoins will overcome such a financial monster as Visa in volumes.

Binance has integrated Tether's USDT token on The Open Network (TON). Users can now deposit and withdraw USDT on TON via Binance. This integration enhances liquidity on the TON blockchain. It also reduces transaction fees. Given how popular Telegram is - with over 1 billion users - it may be a significant addition to the existing world of USDT. As of now Tether's USDT is the leading stablecoin in the world. The move is expected to improve transaction speeds. It offers a cost-effective method for handling USDT transactions. Users are advised to verify their token deposit addresses and smart contract address on TON. Binance's integration precedes regulatory changes in the European Economic Area (EEA). The Markets in Crypto-Assets Regulation (MiCA) will restrict unauthorized stablecoins like USDT. Cryptocurrency exchange Uphold is delisting USDT and five other stablecoins by July 1. The other stablecoins affected are Dai, FRAX, GUSD, USDP, and TUSD. Telegram founder Pavel Durov recently announced plans to use TON blockchain. He aims to tokenize stickers and emojis on the platform. Durov is clearly up for turning Telegram from just a Messenger into a full-scale blockchain solution. Durov outlined plans to build Telegram functionalities on TON blockchain. These include integrating USDT and ad revenue-sharing options. The integration of USDT on TON via Binance marks a significant development. However, upcoming regulatory changes may impact its usage in some regions. Like in Europe where USDT is under fire now.