Tether has just issued an additional 3 billion USDT on Ethereum and Tron, amidst Bitcoin's price nearing 100,000 USD and a strong demand for stablecoins following the U.S. elections.
On November 23, Tether, the world's largest stablecoin issuer, announced the addition of 3 billion USDT to its circulating supply across two blockchains, Ethereum and Tron. Specifically, 2 billion USDT were issued on Ethereum and 1 billion USDT on Tron. This move comes amid a lively cryptocurrency market, with Bitcoin's price soaring to nearly 100,000 USD following the U.S. presidential election on November 5.
Since November 8, Tether has issued a total of approximately 13 billion USDT, indicating a strong demand for stablecoins. The increase in USDT supply is seen as a positive signal, reflecting the rise in trading activity and capital inflows into the cryptocurrency market.
Source: Arkham Intelligence The future of Tether and its connection with the new administration
The additional USDT issuance occurs in the context of Tether aiming for strong growth. CEO Paolo Ardoino stated on November 24 that Tether needs to achieve 'extraordinary productivity' to realize its long-term vision by 2025. This indicates that Tether is preparing for a new phase of development, which may involve expanding to other blockchains and developing new service products.
Tether's growth may also be influenced by the political context in the U.S. The appointment of Howard Lutnick, CEO of Cantor Fitzgerald, as Secretary of Commerce by Donald Trump is viewed as a positive signal for the cryptocurrency industry. Cantor Fitzgerald not only manages Tether's reserves of U.S. Treasury bonds, ensuring the value of the USDT stablecoin, but also recently announced the acquisition of a 5% stake in Tether, valued at over 600 million USD on November 24.
The close relationship between Tether and Cantor Fitzgerald, along with Lutnick's important position in the new administration, may create a more favorable environment for the development of stablecoins and the cryptocurrency market in general. Some analysts, such as Adam Back, even predict that Bitcoin's price could reach 1 million USD if the new administration establishes a strategic Bitcoin reserve, leading to a race for Bitcoin ownership among countries.
