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Tether has not issued USDT on Ethereum since May: CTO Not Concerned

Stablecoin giant and crypto’s money-printing machine Tether has not issued a single USDT on the Ethereum network in the last 50 days as other stable assets gain ground in the market.

USDT Ethereum Issuance Dries Up

According to recent data, the last time USDT was minted on Ethereum was on May 31st, making it the longest time in history that the asset has not been issued on the network. The total value of minted ERC20 USDT now stands at $28.9 billion.

Tether (USDT) Minted. Source: DeBank
Tether (USDT) Minted. Source: DeBank

Low demand could have caused a halt to the production of new USDT on Ethereum. This is due to the high fees users pay for interacting with smart contracts. Tron charges significantly lower fees than other stablecoins, such as Omni and Binance Smart Chain (BSC), even though it is the most popular.

In April, Tron dethroned Ethereum as the dominant chain for USDT. At the time of writing, Justin Sun’s blockchain child houses over 31.9 billion minted USDT of the 62.3 billion coins in circulation.

USDC will Dethrone USDT on Ethereum

While USDT is losing ground in the Ethereum ecosystem due to its declining popularity, stablecoins like are seeing tremendous growth. The USD coin (USDC) has gained traction despite its high gas prices since the beginning of the year.

Data shows that USDC has recorded over 1,800% growth in 2021 alone as the circulating supply of the coin increased from 1.3 billion to 25.7 billion in the last seven months. This figure is only 3 billion short of Ethereum’s USDT.

Analysts believe that the total amount of ERC20 USDC will catch up and possibly surpass that of USDT sooner rather than later. A Messari report in late June revealed that USDC has been seeing a lot of interest, especially from DeFi users, and the increasing demand for the stablecoin could position it as a market leader on the Ethereum blockchain.

The report further suggested Tether’s share of the stablecoin supply on Ethereum will likely dip below 50% for the time, increasing USDC’s chance to take dominance.

Paolo Ardoino: We Don’t Mind to See Growth

Although USDT may lose its position on Ethereum as the largest stablecoin after seven years, Tether’s Chief Technology Officer (CTO), Paolo Ardoino, believes that the industry is healthy.

In a series of tweets yesterday, Ardoino noted that he is baffled whenever he reads reports that say “competitors are taking market cap from Tether.”

“Everyone takes from the king, not from the smallest. Duh… but click-baiting is even more important. He wrote that competition and diversification are crucial to success in any industry.

Furthermore, the CTO added that everyone at Tether is not only proud of the achievements but also flattered because the idea which they created in 2014 has turned into a competitive market. He believes that a greater representation of stablecoins will make it easier to reach fairer regulations.

“Believe it or not but ‘Let everyone grow so that the sum of all voices will be louder.’ is what will make stablecoin industry much more solid in the long run. Yes. We don’t mind seeing growth. We welcome everyone. Ardoino stated that everyone is welcome.


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Arthur Hayes Says Cardano Is A ‘Shitcoin’ – Here’s Why

Cardano (ADA) is a “shitcoin” without purpose that has no distinct advantage over competitors, according to BitMEX co-founder Arthur Hayes.

“Who gives a fuck? Zero?” said Hayes when asked “What about Cardano?” in an interview with Coin Bureau published on Sunday.

Cardano Is A Shitcoin, Says Hayes

Continuing to describe the cryptocurrency – a top ten digital asset by market cap – Hayes did not mince words: “The first wannabe Ethereum, and probably the first one to go to be irrelevant,” he said.

Typically, the popular crypto essayist and trader is well known as one of the loudest long-term Bitcoin (BTC) and Ethereum (ETH) bulls, and often expresses interest in small-cap cryptos for short-term trading.

During the same interview, Hayes even expressed interest in the memecoin “dogwifhat” calling it the “best dog money of this bull cycle.

“I love Rare Pepe’s… I think we’re going to see a resurgence of NFT trading volumes,” he added.

The writer’s unique callout of Cardano ruffled some feathers online – especially with the network’s founder, Charles Hoskinson. On Tuesday, Hoskinson asked Hayes why he was “throwing shade” at Cardano.

“Cause your coin is a piece of shit man,” Hayes replied. “Just buy some ETH and chill.”

What Makes Cardano Unique?

Much like Ethereum, Cardano is a smart contract platform for developing decentralized applications. It also popularized as one of the first well-developed proof-of-stake cryptocurrencies, which use crypto rather than energy to secure its network.

However, many popular blockchains today now use the same mechanism, with Ethereum undergoing a massive upgrade in 2022 to adopt proof of stake. In terms of both market size and DeFi TVL, Cardano is still outsized by competitors like Ethereum, Solana, and Binance Smart Chain (BSC).

On Tuesday, Hayes published a list of the world’s most popular Dapps, and asked which of them had originated or grown most popular on the Cardano blockchain.

“From my very limited knowledge, it looks like none of them do,” he said. “That’s why ADA is dog shit.”

On Bitcoin, however, Hayes remains a bull, expecting strong money printing from the Federal Reserve to drive the asset’s price up soon.

“When printing money happens and you debase the value of time and human labor, we rejoice and say great, fuck you, we’re gonna take Bitcoin to a million,” he told Coin Bureau.

Late last year, Hayes predicted that Bitcoin would reach between $750,000 and $1 million by the end of 2026.


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