Stablecoin issuer Tether has issued an additional 3 billion USDT (USDT) on November 23 across the Ethereum and TRON networks as trading volume in the cryptocurrency market has surged, particularly for Bitcoin (BTC) as it nears the $100,000 price level.
Data from Arkham Intelligence reveals that 2 billion USDT were issued on-chain on the Ethereum blockchain, and an additional 1 billion USDT was issued on the TRON network in consecutive transactions.
According to Lookonchain, Tether has issued around 13 billion USDT since November 8, 2024. On November 24, Tether CEO Paolo Ardoino said, "In 2025, Tether will need to achieve superhuman performance to realize our grand vision."
Stablecoin volume is often used by traders and investors as an indicator to gauge the level of interest in the cryptocurrency market. Large amounts of new stablecoin issuance are seen by many traders as a bullish sign, while low volume indicates the opposite.
Tether issues billions of USDT. Source: Arkham Intelligence
Political winds and Bitcoin's historic growth spurt bring prosperity to Tether
After Donald Trump's election on November 5, the price of Bitcoin surged from around $69K to a new all-time high of over $99K within two weeks of the U.S. election.
Investors and traders use Tether's USDT as a gateway to convert fiat currency to cryptocurrency and vice versa to withdraw cash, so the increased trading activity has driven demand for stablecoins.
According to prominent Bitcoin developer and Cypherpunk Adam Back, Bitcoin's price could reach $1 million if a strategic Bitcoin reserve fund is established under the new Trump administration - triggering a digital arms race between nations to own Bitcoin before others.
On November 19, President-elect Trump selected Cantor Fitzgerald CEO and crypto supporter Howard Lutnick to be the Commerce Secretary. Cantor Fitzgerald is the firm that manages the U.S. Treasury reserve behind Tether's USDT stablecoin.
Five days after Lutnick's appointment to the cabinet, Cantor Fitzgerald announced it had acquired a 5% stake in Tether, worth over $600 million.
