Catenaa, Monday, December 02, 2024 – Tether has minted an additional $3 billion worth of its USDT stablecoins, increasing its total circulation to over $134 billion as of November 2024. This issuance, which took place on Nov. 23, was split between the Ethereum and Tron blockchains, with $2 billion minted on Ethereum and $1 billion on Tron, according to Arkham Intelligence data.
The move comes amid a surge in Bitcoin trading, particularly as its price neared the $100,000 mark.
Tether, the world’s largest stablecoin issuer, has minted approximately $13 billion USDt since November 8, signaling growing demand for stablecoins in the wake of the dramatic rise in Bitcoin’s price following the US elections.
The price of Bitcoin climbed from around $69,000 to an all-time high of over $99,000 in the two weeks after the Nov. 5 election of Donald Trump.
Tether’s increased minting of USDt is seen as a bullish signal by many traders, as the stablecoin is commonly used for both entering and exiting crypto positions.
Tether CEO Paolo Ardoino stated that the company aims for “hyper-productivity” in 2025 to achieve its broader vision.
Political developments have also contributed to Tether’s rising fortunes, particularly with the appointment of Howard Lutnick, CEO of Cantor Fitzgerald, as US commerce secretary.
Cantor Fitzgerald, which manages Tether’s US Treasury reserves, recently acquired a 5% stake in the stablecoin issuer, valued at over $600 million.
