Tether Mints Over $3 Billion in USDT Amid Market Dynamics
Tether, the largest stablecoin issuer globally, has minted more than $3 billion USDT within the past 24 hours, contributing to its ongoing minting spree throughout November. According to LookOnChain’s post on Nov. 24, this recent action involved two substantial transactions—$2 billion and $1 billion—both directed to Tether’s treasury wallet.
Since the beginning of November, Tether has minted over $13 billion USDT, reflecting consistent activity, including $9 billion minted on Nov. 8, followed by $1 billion each on Nov. 21 and Nov. 23.
Stablecoin minting is often considered a positive indicator for market demand. A surge in minting typically signals increased liquidity and trading activity, while reduced minting may suggest a bearish sentiment. Tether’s recent large-scale minting suggests rising demand for its stablecoin amidst market fluctuations.
Tether’s Business Expansion Beyond Stablecoins
Tether continues to diversify its portfolio, moving beyond its core stablecoin operations:
- Dirham-Pegged Stablecoin: In collaboration with the United Arab Emirates (UAE) government, Tether launched a stablecoin tied to the UAE dirham (AED), fully backed by the nation’s reserves. This initiative aligns with Tether’s vision to position the UAE as a major global financial hub while meeting the needs of its growing financial markets.
- Collaborations with Quantoz Payment: Tether partnered with Quantoz Payment to develop new stablecoins named EURQ (pegged to the euro) and USDQ (pegged to the U.S. dollar), further expanding its influence in the European and U.S. financial ecosystems.
- Crude Oil Trade Initiative: In October, Tether made headlines by funding a $45 million physical crude oil trade using USDT. This deal enabled the transport of 670,000 barrels of crude oil from the Middle East to major commodity traders, marking Tether’s entry into the energy sector and underscoring its strategy to diversify revenue streams beyond cryptocurrency.
Tether’s latest minting activity and its ventures into global finance and energy sectors highlight its ambition to remain at the forefront of innovation while adapting to evolving market needs.