Massive Stablecoin Issuance

Tether, the world’s largest stablecoin issuer, has minted over $3 billion in USDT in the past 24 hours. These new coins were created in two transactions—one for $2 billion and another for $1 billion. Both amounts were subsequently transferred to the company’s treasury wallet.

According to data published on November 24 by LookOnChain, this minting adds to the total of over $13 billion minted by Tether since the beginning of November. Key transactions include $9 billion on November 8, $1 billion on November 21, and another $1 billion on November 23.

A Sign of Growing Demand?

Stablecoin minting can be seen as a positive signal for the market, as it indicates increased demand for these coins. Conversely, low activity in this area often correlates with declining market interest and could signal a bearish trend.

Expanding Business: Stablecoins and Energy

Tether has recently expanded its activities beyond traditional stablecoins. In collaboration with the government of the United Arab Emirates (UAE), it launched a new stablecoin pegged to the UAE dirham (AED), fully backed by the country’s reserves. This move is part of the company’s strategy to position the UAE as a major global economic hub.

Additionally, Tether is working with Quantoz Payment to introduce two new stablecoins—one pegged to the euro (EURQ) and the other to the US dollar (USDQ).

Oil Investment as a Diversification Strategy

Another significant step was Tether’s October investment in the physical oil trade, financing a $45 million transaction using USDT. Through this move, Tether is diversifying its portfolio and connecting the cryptocurrency world with traditional commodity markets.

As part of this initiative, 670,000 barrels of oil were transported from the Middle East to a major commodity trader. This development signals Tether’s push to leverage its technology for broader applications in global trade.

Summary

The minting of billions of USDT and the expansion of Tether’s business activities point to significant changes in the cryptocurrency market. Tether is not only strengthening its position in the stablecoin sector but also venturing into traditional industries like energy and commodity trading.

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