- Tether added $3 billion in USDT tokens to the Ethereum and Tron networks.
- Lookonchain reports that since November 8th, Tether has minted almost $13 billion USDT.
On November 23rd, in response to higher trading activity in the cryptocurrency markets, especially when Bitcoin’s price approached $100,000, stablecoin issuer Tether added $3 billion in USDT tokens to the Ethereum and Tron networks.
According to data compiled by Arkham Intelligence, two billion USDT were created in a single transaction on the Tron network. And one billion USDT on the Ethereum blockchain.
Lookonchain reports that since November 8th, Tether has minted almost $13 billion USDT. In order to achieve their ambitious goals, Tether must achieve hyper-productivity by 2025, according to Tether CEO Paolo Ardoino, who made the statement on November 24.
Investors Optimistic
As a surrogate for overall interest in the cryptocurrency markets, stablecoin volume is often used by traders and investors. A large number of freshly created stablecoins is seen by many traders as a positive indicator for price movement. Whilst a reducing number is seen as negative.
The price of Bitcoin skyrocketed in the two weeks after the US presidential election. Going from around $69,000 to an all-time high of more than $99,000. This occurred after Donald Trump was elected on November 5.
Stablecoins, such as USDT from Tether, are in high demand. Due to the fact that investors and traders utilize them as a fiat entry point to buy cryptocurrency and as an exit point to sell their holdings.
As of November 19th, President-elect Trump appointed Howard Lutnick, CEO of Cantor Fitzgerald and an advocate for cryptocurrency, to the position of secretary of commerce. The US Treasury reserves that support the USDT stablecoin are managed by Cantor Fitzgerald on behalf of Tether.
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