Tether, the biggest stablecoin issuer, has minted 1 billion USDT on the Ethereum blockchain, according to Lookonchain. With this, Tether has minted a total of 20 billion stablecoins on Ethereum and Tron since November 6, 2024. Tether has minted another 1 billion USDT just 20 minutes ago! #Tether has minted 20B USDT on #Ethereum and #Tron since Nov 6!
https://t.co/uQhE4ykzqz pic.twitter.com/F7L8HVyaLt — Lookonchain (@lookonchain) December 11, 2024
Tether’s USDT Expands its Boundaries to Combat Rivals’ Growth The latest minting comes after the Financial Services Regulatory Authority (FSRA) in the Abu Dhabi Global Market (ADGM) approved Tether’s USDT as an Accepted Virtual Asset (AVA).
This surge in stablecoin supply on Ethereum signals the sustained demand for stablecoins in the crypto market. Market participants pay close attention to Tether’s activities, as shifts in supply can affect liquidity and trading patterns across platforms. Experts believe that Tether’s issuance of USDT often reflects market conditions, providing traders with a stable asset for transactions and a hedge against market volatility.
The issuance of large volumes of stablecoin is part of a broader trend where more people are using stablecoins. During market uncertainty, investors and traders tend to prefer stablecoins due to their stable value. While stablecoin aims to maintain its position in the stablecoin leaderboard, Binance and Circle have partnered to promote wider adoption of USD Coin (USDC).
With this partnership, Circle aims to leverage Binance’s extensive reach and larger user base to make USDC an attractive choice for both retail and institutional users.
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