Tether, a prominent stablecoin issuer, recently created a further $3 billion in USDt tokens. This action aligns with a noticeable upsurge in the crypto market’s trading volume, particularly with Bitcoin nearing the remarkable $100,000 mark. In transactions succeeding each other, two-thirds of the minted USDt was formed on the Ethereum blockchain, with the remainder on the Tron network, revealed by data from Arkham Intelligence.
Coming from Lookonchain, another interesting fact is that Tether has generated nearly $13 billion USDt since the beginning of November. As the benefiters of high stablecoin volume use it as a hint of increased interest in crypto markets, this could signify bullish prospects for price moves. “With our grand vision set for 2025, Tether will need hyper-productivity,” announced Paolo Ardoino, Tether’s CEO, on Nov. 24.
The rise in Tether’s fortunes also appears influenced by political currents, as well as a historical Bitcoin rally. Following the election of Donald Trump, Bitcoin’s price saw an impressive climb from nearly $69,000 to surpass the $99,000 mark in the two weeks succeeding the election. According to Bitcoin developer Adam Back, if the incoming Trump administration establishes a Bitcoin strategy reserve, the cryptocurrency’s value could skyrocket to as high as $1 million.
Notably, Trump’s decision to bring on board Howard Lutnick, CEO of Cantor Fitzgerald and enthusiastic crypto advocate, as commerce secretary could impact Tether. Cantor Fitzgerald oversees Tether’s US Treasury reserves, providing backup for the USDt stablecoin. Following Lutnick’s cabinet appointment, Cantor Fitzgerald revealed its new 5% stake in Tether, amounting to over $600 million.