Tether has been on a minting spree, issuing another 3 billion $USDT on Ethereum and Tron networks yesterday.
Over the past three days, the company minted a total of 5 billion $USDT and injected 2.83 billion $USDT into the crypto market.
Since November 6, Tether’s net minting has reached an impressive 13 billion $USDT, a factor that has helped propel Bitcoin’s price to $99,600—just 0.4% shy of the long-anticipated $100,000 mark.
Massive $USDT minting! #Tether minted another 3B $USDT on #Ethereum and #Tron 6 hours ago.
In the past 3 days alone, Tether has minted 5B $USDT and injected 2.83B $USDT into the crypto market.
Since Nov 6, their total net minting has reached 13B $USDT, driving $BTC's price to… https://t.co/BjAFmWO4oU pic.twitter.com/ee2ZS3i55M
— Spot On Chain (@spotonchain) November 24, 2024
15 Billion $USDT Minted In November
In total, Tether has minted over 15 billion $USDT so far in November, reflecting the growing demand for stablecoins in the crypto ecosystem. According to data from Artemis, stablecoins are seeing about 25 million monthly active users (MAU) and facilitating $2 trillion in monthly transaction volume.
⚡️ UPDATE: @Tether_to has minted a total of over of 15 Billion $USDT in November. pic.twitter.com/2rB9eKfDp0
— Crypto News (CoinGape) (@CoinGapeMedia) November 24, 2024
However, most of this activity revolves around large transfers, such as those for decentralized finance (DeFi), centralized exchange (CEX) movements, and business-to-business (B2B) transactions. This indicates that stablecoins are not yet widely adopted for everyday payments.
According to @artemis, stablecoins are seeing around 25M mau with $2T in monthly volume. However, most of this is used in large transfers (i.e., defi, cex transfer, b2b) and seems far from daily payments.
Interestingly though, @Tether_to on @Celo shows a different pattern. Over… pic.twitter.com/03UOprhwFz
— Subin An (@subinium) November 25, 2024
Interestingly, Tether’s usage patterns on the Celo blockchain stand out. On this network, over 95% of all transactions and users involve amounts under $10. Additionally, activity on Celo is growing rapidly, with monthly active users increasing by 100% and transactions surging by 250%. This suggests that Celo is becoming a hub for microtransactions, diverging from the broader trend of stablecoins being used primarily for large-scale transfers.
Tether’s aggressive minting and expanding adoption reflect its integral role in the cryptocurrency space. As stablecoin use evolves, platforms like Celo are demonstrating potential for new applications in smaller, everyday payments, while Tether remains a major driver of liquidity and market activity.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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