Crypto News

Tether’s $USDT Minting Pushes Bitcoin Near $100K As Stablecoin Adoption Grows

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.

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.

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.

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.

Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news!

Leave a Comment

Your email address will not be published. Required fields are marked *

*