Tether, the issuer of the popular stablecoin USDt, minted an additional $3 billion in tokens on November 23 across the Ethereum and Tron networks. This move comes in response to a surge in trading activity, particularly in Bitcoin, as it nears the $100,000 mark.
According to Arkham Intelligence data, $2 billion in USDt was minted on the Ethereum blockchain, with another $1 billion created on the Tron network through consecutive transactions.
Since November 8, 2024, Tether has issued around $13 billion in USDt, based on data from Lookonchain. Tether CEO Paolo Ardoino shared on November 24 that in 2025, the company plans to increase its productivity to achieve its ambitious goals.
The volume of stablecoins, like USDt, is often viewed by traders as an indicator of market sentiment. A surge in minted stablecoins typically signals bullish market expectations, while a decline in minting is seen as a bearish signal.
Political Tailwinds and Historic Bitcoin Rally Drive Tether’s Growth
Bitcoin’s dramatic rise following the election of Donald Trump on November 5 has contributed to the growing demand for Tether. The price of Bitcoin soared from around $69,000 to a record-breaking $99,000 in just two weeks after the U.S. elections.
Stablecoins, including USDt, are commonly used by traders to enter and exit crypto markets, which boosts their demand as trading activity increases.
Bitcoin developer Adam Back, known for his work with Cypherpunk, suggests Bitcoin’s price could soar to $1 million if a strategic Bitcoin reserve is created under the Trump administration, triggering a global race for Bitcoin by sovereign nations.
On November 19, Trump appointed Howard Lutnick, CEO of Cantor Fitzgerald and a vocal supporter of crypto, as his choice for commerce secretary. Cantor Fitzgerald manages the U.S. Treasury reserves that back Tether’s USDt.
Just days after Lutnick’s appointment, Cantor Fitzgerald revealed it had acquired a 5% stake in Tether, estimated at over $600 million, further solidifying the connection between Tether and the growing political and economic environment surrounding Bitcoin.
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