Stablecoin issuer Tether reports that over $134 billion USDt tokens are in circulation across multiple blockchain protocols as of November 2024.
Amid heightened trading activity in the cryptocurrency markets, especially Bitcoin as it gets closer to the $100,000 price threshold, stablecoin issuer Tether produced an extra $3 billion in USDt tokens on the Ethereum and Tron networks on November 23.
Two billion USDt were minted on the Ethereum blockchain, and another $1 billion USDt was minted on the Tron network in consecutive transactions, according to data from Arkham Intelligence.
Since November 8, 2024, Tether has made about $13 billion USDt, according to Lookonchain. Paolo Ardoino, the CEO of Tether, stated on November 24 that “in 2025, Tether will need to reach hyper-productivity to accomplish our grand vision.”
Traders and investors frequently use stablecoin volume as a stand-in to measure interest in the cryptocurrency markets.
Many traders view a big volume of recently issued stablecoins as a positive indication of price activity, whilst low volume suggests the opposite.
Fortune Rises For Tether, Fueled By Historic Bitcoin Rallies
In the two weeks that followed the US elections, the price of Bitcoin skyrocketed from about $69,000 to an all-time high of nearly $99,000 when Donald Trump was elected president on November 5.
Stablecoin demand is driven by increased trading activity since traders and investors use stablecoins like Tether’s USDt as a fiat on-ramp to buy cryptocurrency and an off-ramp to pay out of their positions.
If the new Trump government establishes a Bitcoin strategic reserve, the price of Bitcoin may reach $1 million, according to prominent Bitcoin developer and Cypherpunk Adam Back.
This would set off a sovereign digital arms race to purchase Bitcoin and outbid other nation-states.
President-elect Trump appointed pro-crypto activist and Cantor Fitzgerald CEO Howard Lutnick as his commerce secretary on November 19.
The company that oversees Tether’s US Treasury reserves supporting the USDt stablecoin is Cantor Fitzgerald.
Five days following Lutnick’s appointment to the cabinet, Cantor Fitzgerald declared that it had paid up to $600 million for a 5% share in Tether.
