Ethereum

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Arkham

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<p class="is-style-lead">USDT’s market cap climbed to new highs during November 2023 as tokens in the broader crypto ecosystem and defi recorded price sprints due to significant cash inflows.</p> 
<p>Tether’s <a href="https://crypto.news/price/tether/" target="_blank" rel="noreferrer noopener">USDT</a>, crypto’s largest stablecoin, achieved an all-time high of $89 billion on the back of increased minting activity by the digital asset payments giant since late October 2023 according to <a href="https://twitter.com/ArkhamIntel/status/1729504677769687400" target="_blank" rel="noopener">Arkham</a> Intelligence, an on-chain analytics provider.</p> 
<p>USDT’s market cap grew by $4.5 billion in 30 days with the lion’s share of this new supply minted on Tron, the cryptocurrency network created by <a href="https://crypto.news/justin-sun-announces-airdrop-for-htx-and-poloniex-users-after-hack/" target="_blank" rel="noreferrer noopener">HTX</a> advisor and <a href="https://crypto.news/justin-sun-gives-ultimatum-to-poloniex-hackers/" target="_blank" rel="noreferrer noopener">Poloniex</a> founder Justin Sun. Tether minted $3 billion on Sun’s blockchain.&nbsp;</p> 
<p>Additionally, the Kraken deposit wallet ‘TQef1’ received $2.5 billion, while $400 million of these new Tether tokens were created within a week.</p> 
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   <p lang="en" dir="ltr">gm<br><br>In the past month, USDT supply has grown by $4.5B with $3B USDT minted on Tron. $2.5B of that has been minted to a single Kraken Deposit address, TQef1.<br><br>In the past week alone, they’ve minted $400M Tether.<br><br>USDT market cap is at an all-time high of $89B.<br><br>Track the massive… <a href="https://t.co/KQoBhzr46D" target="_blank">pic.twitter.com/KQoBhzr46D</a></p>— Arkham (@ArkhamIntel) <a href="https://twitter.com/ArkhamIntel/status/1729504677769687400?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">November 28, 2023</a>
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<p>Paolo Ardoino, Tether’s CEO, reiterated that massive USDT mints from the company’s treasury were designated to ensure liquidity on Ethereum and Tron. Ardoino was appointed Tether’s boss after former CEO Jean-Louis van der Velde <a href="https://crypto.news/stablecoin-issuer-tether-appoints-paolo-ardoino-as-new-ceo/" target="_blank" rel="noreferrer noopener">transitioned</a> to an advisory role.</p> 
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   <p lang="en" dir="ltr">PSA: 1B USDt inventory replenish on Ethereum Network. Note this is an authorized but not issued transaction, meaning that this amount will be used as inventory for next period issuance requests and chain swaps.</p>— Paolo Ardoino 🍐 (@paoloardoino) <a href="https://twitter.com/paoloardoino/status/1729180781858492884?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">November 27, 2023</a>
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<p> You might also like: <a href="https://crypto.news/tether-whale-received-1-1b-usdt-since-october-buoying-bullish-speculation/"> Tether whale received $1.1b USDT since October, buoying bullish speculation </a> </p> 
<p>An uptick in stablecoin market cap is typically associated with bullish momentum and could signal renewed demand for cryptocurrencies. The U.S. dollar-pegged tokens serve as a gateway for traders to exchange their digital assets for fiat currencies and vice versa, also known as on-off ramps.</p> 
<p>While Tether’s market cap noticeably increased, other stablecoins have seemingly stalled in growth per data available on Coingecko, and USDT dominated the market at press time.&nbsp; Its closest rival, Circle’s USD Coin (<a href="https://crypto.news/price/usd-coin/" target="_blank" rel="noreferrer noopener">USDC</a>), boasted a $24 billion market cap, down from over $40 billion a year ago.&nbsp;</p> 
<p>Circle was reportedly caught amidst a U.S. banking crisis during the first half of 2023 where crypto-friendly financial houses like <a href="https://crypto.news/silicon-valley-banks-troubles-put-circles-3-3b-usdc-reserve-at-risk/" target="_blank" rel="noreferrer noopener">Silicon Valley Bank</a> and Silvergate suffered bank runs. USDC’s issuer, however, remained optimistic concerning future operations.</p> 
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  Total stablecoin market cap | Source: <a href="https://www.coingecko.com/en/categories/stablecoins" target="_blank" rel="noreferrer noopener">Coingecko</a>
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<p> Read more: <a href="https://crypto.news/coinshares-reports-total-inflows-in-2023-have-now-surpassed-2022/"> CoinShares reports total inflows in 2023 have now surpassed 2022 </a> </p>

Tether’s USDT supply up $4.5b in 30 days

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