Tether issues an additional $3 billion in USDt stablecoins
Date: 2024-11-25 Author: Gabriel Deangelo Categories: BUSINESS
Tether issued an additional $3 billion in USDt stablecoins on the Ethereum and Tron blockchains on November 23. The move comes as cryptocurrency trading volumes have increased, particularly for Bitcoin, which is approaching $100,000.
According to Arkham Intelligence, $2 billion USDt was issued on Ethereum and another $1 billion on Tron, with the transactions coming one after the other. According to Lookonchain, Tether has already issued about $13 billion USDt since November 8, 2024. CEO Paolo Ardoino said on November 24, “Tether must reach ultra-high performance in 2025 to realize our ambitious goal.”
Traders and investors often look at the volume of stablecoins issued as an indicator of interest in the cryptocurrency market. High issuance is usually taken as a positive signal for price action, while low volume can indicate the opposite.
Following Donald Trump’s election victory on November 5, the price of Bitcoin has skyrocketed, reaching an all-time high of over $99,000 in just two weeks. The increased activity in the market has spurred demand for stablecoins such as USDt, which are used to deposit and withdraw funds in cryptocurrency trading.
According to well-known Bitcoin developer Adam Back, the price of the first cryptocurrency could reach $1 million if the new Trump administration creates a strategic Bitcoin reserve. Such a move could trigger a global race between nations to accumulate digital assets.
On November 19, President-elect Trump nominated Cantor Fitzgerald CEO Howard Lutnick, a cryptocurrency advocate, to be Secretary of Commerce. Cantor Fitzgerald is the firm that manages the reserves of US Treasury bonds that back the USDt stablecoin.
Five days after Latnik's appointment, Cantor Fitzgerald announced it had purchased a 5% stake in Tether for over $600 million, underscoring the firm's growing influence in the crypto space.
