... increasing popularity of USDT in such applications is supported by relatively low fees (particularly when transferred via Tron or Layer 2 solutions) and the immediacy of transactions. In 2024–2025, this utility function expands as more fintech companies ... ... issues fiat, reducing supply. This mechanism, akin to that of a mutual fund with share issuance/redemption, maintains the peg to $1. In 2024–2025, the volumes of USDT issuance significantly exceeded redemption volumes, reflecting an influx of new capital....