Tether, the biggest stablecoin issuer, has minted 1 billion USDT on the Ethereum blockchain, according to Lookonchain. With this update, Tether has been minted 20 billion stablecoins on Ethereum and Tron since November 6, 2024.
Tether minted 1B $USDT again 20 minutes ago!#Tether has minted 20B $USDT on #Ethereum and #Tron since Nov 6!https://t.co/uQhE4ykzqz pic.twitter.com/F7L8HVyaLt
— Lookonchain (@lookonchain) December 11, 2024
USDT: Expanding Boundaries to Counter Rivals’ Emergence
The latest issuance comes after the Financial Services Regulatory Authority (FSRA) in the Abu Dhabi Global Market (ADGM) approved Tether’s USDT as an Accepted Virtual Asset (AVA).
The surge in stablecoin supply on Ethereum shows the sustained demand for stablecoins in the cryptocurrency market. Market participants closely observe Tether’s activities, as shifts in supply can impact liquidity and trading patterns across platforms.
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According to experts, the issuance of USDT is often interpreted as a reaction to market conditions. This offers traders a stable asset for transactions and a hedge against market volatility.
The issuance of a large volume of stablecoin is part of a larger trend where more people are using stablecoins. During market uncertainty, investors and traders prefer stablecoins because they keep a steady value.
While stablecoin is making a move to hold its 1st position in the stablecoin leaderboard, Binance and Circle have formed a partnership to promote wider adoption of USD Coin (USDC). With this partnership, Circle aims to leverage Binance’s extensive reach and larger user base to position USDC as an attractive option for both retail and institutional users.
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Also Read: Upbit Lists Movement(MOVE) Token across KRW, BTC, USDT Markets
