Tether minted 5 billion USD of USDT stablecoin last week amid Bitcoin's price surge approaching $90,000.
Data from the blockchain analytics platform SpotOnChain shows that Tether began this series of USDT issuances with 1 billion USD minted on November 6, contributing to Bitcoin reaching an all-time high of $76,200.
Subsequently, the company issued an additional 2 billion USD in USDT on November 9 and 10, pushing Bitcoin past the $80,000 mark. And today, Tether minted another 2 billion USD of USDT, bringing the total issuance over five days to 5 billion USD.
This minting has pushed Tether's market capitalization to around 124 billion USD, solidifying its position as the top stablecoin in the crypto market.
As a stablecoin pegged to the USD, USDT plays a crucial role in cryptocurrency trading, supporting liquidity on both centralized and decentralized exchanges. Data shows USDT remains one of the most frequently traded assets, with a 24-hour trading volume nearing 289 billion USD.
Meanwhile, the recent increase in USDT supply aligns with the overall upward trend of the market, reflecting traders' optimism and confidence. Historically, increases in USDT circulation correlate with gains in major cryptocurrencies like Bitcoin and Ethereum.
Therefore, as this latest supply expansion occurs, the price of Bitcoin has reached a new all-time high near $90,000, driven by market optimism about Donald Trump's return to the presidency of the United States.
