In November 2023, $USDT’s market cap climbed to new highs amid massive inflows of cash into the broader crypto ecosystem and a price sprint for tokens in DeFi. According to data from on-chain analytics provider Arkham Intelligence, digital asset payment giant Tether’s USDT minting activity has been increasing since late October 2023, with USDT of cryptocurrency’s largest stablecoin #tether hitting an all-time high of $89 billion.

USDT’s market cap grew by $4.5 billion in 30 days, with the majority of the new supply being minted on Tron, the cryptocurrency network founded by HTX advisor and Poloniex founder Justin Sun. Tether minted $3 billion on Sun’s blockchain.​