Despite a sluggish crypto market, Tether, a stablecoin issuer, has seen its dollar-pegged coin supply reach $83.5 billion, just below its record high of $84.1 billion. This rise has occurred amidst declining trading activity and lower crypto prices, with rival USDC's supply declining from nearly $47 billion to $27.8 billion.

However, data provider Kaiko suggests that the increase in USDT supply may not be tied to an increase in trading volumes, but rather offshore trading among market making firms and whales.

Kaiko also notes that offshore exchanges like Binance and OKX possess the largest USDT balances on Tron, which suggests a preference for this network due to its low transaction fees.