Key Takeaways:
- Tether minted $3 billion USDt on November 23 across Ethereum and Tron, amid Bitcoin’s surge toward $100,000.
- Tether’s total USDt circulation now exceeds $134 billion, with $13 billion minted since November 8.
- Stablecoin issuance is rising, reflecting heightened crypto trading activity driven by Bitcoin’s rally past $99,000.
Tether, the issuer of the stablecoin USDt, has surpassed $134 billion USDt in circulation as of November 2024.
On November 23, Tether minted $3 billion USDt across Ethereum and Tron, responding to heightened trading activity linked to Bitcoin’s surge near $100,000.
Tether minted another 3B $USDT!#Tether has minted 13B $USDT since Nov 8!https://t.co/L6XEBjYJpM pic.twitter.com/pOXlKiv9H8
— Lookonchain (@lookonchain) November 24, 2024
Blockchain analytics indicate $2 billion was minted on Ethereum and $1 billion on Tron.
Since November 8, Tether has created $13 billion USDt, reflecting a significant rise in demand for stablecoins as a crypto market liquidity tool.
Bitcoin’s price has skyrocketed from $69,000 to over $99,000 following political developments after the November 5 U.S. elections.
Stablecoins like USDt play a critical role in facilitating fiat-to-crypto conversions and managing market positions, driving increased issuance.
Tether’s CEO, Paolo Ardoino, envisions a highly productive 2025 as the company scales its operations.
High stablecoin volumes are seen as a bullish indicator of growing crypto market interest and activity.
About The Author
Efe Bravo, a seasoned journalist, delivers compelling insights into the cryptocurrency and blockchain industry.
His articles offer a deep dive into the latest trends, projects, and technological advancements shaping the future of digital finance.
Check Efe out on:
