On November 23, 2024, Tether minted an additional $3 billion in USDT tokens on the Ethereum and Tron networks, coinciding with a significant increase in Bitcoin trading volume as its price approaches $100,000.
Data indicates that $2 billion was minted on Ethereum and $1 billion on Tron, marking a total of approximately $13 billion minted since November 8, 2024. Tether CEO Paolo Ardoino emphasized the need for 'hyper-productivity' in 2025 to fulfill their vision.
The surge in stablecoin volume is viewed as a bullish indicator in the crypto market, with rising demand for USDt driven by heightened trading activity following the recent U.S. elections. Bitcoin's price jumped from around $69,000 to over $99,000 in the two weeks post-election.
Adam Back, a prominent Bitcoin developer, suggested Bitcoin could reach $1 million if a strategic reserve is established by the incoming Trump administration, potentially igniting a global race for Bitcoin acquisition.
In a notable development, President-elect Trump appointed pro-crypto advocate Howard Lutnick as commerce secretary, shortly after Cantor Fitzgerald, which manages Tether's reserves, announced a 5% stake acquisition in Tether valued at over $600 million.