Tether mints an additional $3B in USDt stablecoins

According to stablecoin company Tether, as of November 2024, over $134 billion worth of tokens are circulated across various blockchain protocols.

Stablecoin issuer Tether mined an additional $3 billion in USDT

on November 23 on the Ethereum and Tron networks amid increased trading volumes on crypto markets, particularly on Bitcoin, as it approached the $100,000 price level.

According to Arkham Intelligence, $2 billion has been mined on the Ethereum blockchain and another $1 billion on the Tron network in back-to-back transactions.

Lookonchain estimates that Tether has mined approximately $13 billion USDT since November 8. Tether CEO Paolo Ardoino said on November 24, “Tether will need to reach hyper-productivity in 2025 to execute our larger strategic vision successfully.”

To gauge interest in cryptocurrencies, traders and investors often use stablecoin volume as a proxy indicator. Most traders view the high volume of newly minted stablecoins as a bullish sign for price action, while low volume suggests otherwise.

Political Events and Historic Bitcoin Price Gains Fuel Tether Asset Growth

Following Donald Trump’s election victory on November 5, the price of Bitcoin (BTC) skyrocketed from around $69,000 to an all-time high of over $99,000 in the two weeks following the U.S. election.

With investors and traders actively using stablecoins like Tether’s USDT as a fiat platform to buy cryptocurrency and as an off-ramp to withdraw funds from their positions, the growing trading momentum is fueling demand for stablecoins.

According to Bitcoin developer and cypherpunk Adam Back, the price of Bitcoin could rise to $1 million if a strategic cryptocurrency reserve is formed under the new Trump administration, sparking a race for digital governments to own Bitcoin and beat other countries to it.

President-elect Trump recently made his first moves by selecting Cantor Fitzgerald CEO and cryptocurrency advocate Howard Lutnick as his Secretary of Commerce. Cantor Fitzgerald manages the U.S. Treasury reserves that back the USDT stablecoin.

Five days after Lutnick’s appointment, Cantor Fitzgerald announced it had acquired a 5% stake in Tether, worth over $600 million.