Tether’s supply was raised by 4.5 billion USDT in November
Additionally, the business informed CryptoSlate that it was developing additional financial products to be introduced the following year.
Market anticipation for a spot Bitcoin ETF grew in November, leading to a 4.5 billion dollar rise in the circulating quantity of Tether’s USDT.
In a post on X on November 28th, blockchain intelligence platform Arkham verified the fact that the Tron network mints USDT worth around $3 billion.
Specifically, $2.5 billion worth of the stablecoin was minting out of the Kraken address “TQef1” during that time.
According to data from CryptoSlate, the supply of USDT has increased by around 35% since the start of the year, reaching a record high of 89.35 billion as of press time.
Competitors like Binance’s BUSD stablecoin and Circle’s USD Coin (USDC) have had a rough go of it over the last year, which has been great for Tether’s development.
In light of these concerns, USDT has surged to a 70% market share in the stablecoin space. Using statistics from DeFi Llama, we can see that Tron (TRX) accounts for over 50% of Tether’s total supply, while Ethereum (ETH) accounts for roughly 41%.
According to market watchers, the increasing supply of Tether has boosted purchasing power on cryptocurrency exchanges.
In a recent letter to investors, Matrixport’s director of research, Markus Thielen said that the rise might mean that institutional investors are putting their fiat money into stablecoin so they can convert it into Bitcoin or another cryptocurrency.
In a post on X (previously Twitter), Tether’s CEO Paolo Ardoino revealed that the stablecoin issuer was working on new items to offer next year as part of its development ambitions into new territories. This goes beyond just increasing its circulating supply.
According to Ardoino’s confirmation to CryptoSlate, the stablecoin issuer is building two innovative financial ventures using the same technology as its stablecoins.