Stablecoin issuer Tether issued another $3 billion USDt on November 23 on the Ethereum and Tron networks, amid a surge in trading volumes across the cryptocurrency market, especially Bitcoin as it approaches the $100,000 price point.
Data from Arkham Intelligence shows that, in consecutive transactions, 2 billion USDt was issued on the Ethereum blockchain, and another 1 billion USDt was issued on the Tron network.
According to Lookonchain, Tether has issued approximately $13 billion USDt as of November 8, 2024. On November 24, Tether CEO Paolo Ardoino said, “In 2025, Tether will need to reach super-high yield to realize our grand vision.”
Stablecoin trading volume is often used by traders and investors as a measure of interest in the crypto market. The issuance of large amounts of new stablecoins is often seen by many traders as a positive signal for price action, while low volumes indicate the opposite.
Favorable Political Winds and Bitcoin's Historic Price Rally Boost Tether's Fortunes
After Donald Trump was elected on November 5, the price of Bitcoin surged from around $69,000 to an all-time high of over $99,300 in the two weeks following the US election.
Traders use stablecoins like Tether's USDt as a bridge to trade cryptocurrencies or hold US dollars in lieu of native fiat, so increased trading activity has driven up demand for USDt.
According to prominent Bitcoin developer and Cypherpunk Adam Back, the price of Bitcoin could reach $1 million if a Bitcoin strategic reserve is established under the incoming Trump administration, triggering a digital race among countries to own Bitcoin before others.
On November 19, President-elect Trump selected Cantor Fitzgerald CEO and cryptocurrency advocate Howard Lutnick as Secretary of Commerce. Cantor Fitzgerald is the U.S. Treasury reserve manager of Tether, which backs the USDt stablecoin.
Five days after Lutnick was appointed to the cabinet, Cantor Fitzgerald announced the acquisition of a 5% stake in Tether, worth more than $600 million.
