Stablecoin issuer Tether minted an additional $3 billion in USDt (USDT) tokens on November 23 on the Ethereum and Tron networks amid increased trading volume in the crypto markets — particularly Bitcoin (BTC) as it approaches the $100,000 price level.
Data from Arkham Intelligence revealed that $2 billion in USDt was minted on the Ethereum blockchain, and an additional $1 billion USDt was minted on the Tron network in back-to-back transactions.
According to Lookonchain, Tether has minted approximately $13 billion USDt since November 8, 2024. On November 24, Tether CEO Paolo Ardoino said, "In 2025, Tether will need to reach hyper-productivity to accomplish our grand vision."
Stablecoin volume is often used by traders and investors as a proxy to gauge interest in the crypto markets. A high volume of newly minted stablecoins is regarded by many traders as a bullish sign for price action, while low volume indicates the opposite.
Tether mints billions in USDt. Source: Arkham Intelligence
Political tailwinds and historic Bitcoin rally see Tether's fortunes rise
Following the election of Donald Trump on November 5, the price of Bitcoin surged dramatically from approximately $69,000 to an all-time high of over $99,000 in the two weeks following the United States elections.
Investors and traders use stablecoins like Tether's USDt as a fiat on-ramp to purchase crypto and an off-ramp to cash out of their positions, so increased trading activity drives stablecoin demand.
According to notable Bitcoin developer and Cypherpunk Adam Back, the price of Bitcoin could go as high as $1 million if a Bitcoin strategic reserve is established under the incoming Trump administration — triggering a sovereign digital arms race to acquire Bitcoin and front-run other nation-states.
On November 19, President-elect Trump chose Cantor Fitzgerald CEO and pro-crypto advocate Howard Lutnick to serve as commerce secretary. Cantor Fitzgerald is the firm that manages Tether's US Treasury reserves backing the USDt stablecoin.
Five days after the cabinet appointment of Lutnick, Cantor Fitzgerald announced it acquired a 5% stake in Tether, valued at upwards of $600 million.
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