menuIcon
$ 96,303.6
BTC
$ 96,303.6
2.25 %
$ 1,836.29
ETH
$ 1,836.29
2.37 %
$ 0.7055
ADA
$ 0.7055
3.48 %
$ 599.38
BNB
$ 599.38
-0.10 %
$ 150.53
SOL
$ 150.53
2.01 %
Sujit Kumar
Nov 25, 2024
by Sujit Kumar

Tether Mints $3 Billion in USDT in 24 Hours Amid Global Expansion

Tether Mints $3 Billion

Table of contents

  1. Expanding Beyond Stablecoins
  2. From Crypto to Commodities
  3. What’s Next for Tether?
Tether, the largest stablecoin issuer, minted over $3 billion in USDT within 24 hours, marking another significant milestone for the company. According to a Nov. 24 report from LookOnChain, this minting was executed in two major transactions—$2 billion and $1 billion—both directed to the company’s treasury wallet.

This latest activity brings Tether’s total USDT minting to over $13 billion since early November, including notable amounts like $9 billion on Nov. 8 and $1 billion on both Nov. 21 and Nov. 23. The rapid minting suggests rising demand for the stablecoin, a bullish signal for the crypto market.

Expanding Beyond Stablecoins

Tether continues to diversify its operations. Recently, the company collaborated with the UAE government to launch a dirham-pegged stablecoin (AEDT), fully backed by the nation’s reserves. This initiative aligns with the UAE's vision to become a global economic hub and supports its evolving financial market.

Additionally, Tether has partnered with Quantoz Payment to introduce EURQ and USDQ, stablecoins pegged to the euro and U.S. dollar, respectively.

From Crypto to Commodities

In a bold move toward diversification, Tether funded a $45 million physical crude oil trade in October using USDT. This deal facilitated the transportation of 670,000 barrels of oil from Middle Eastern countries, showcasing Tether's ambition to integrate stablecoins into traditional commodity markets.

What’s Next for Tether?

As Tether expands its global footprint, its ongoing initiatives indicate a strategic shift from being solely a stablecoin issuer to a major player in global finance and trade. All eyes are on how these developments will shape the future of USDT and its role in the global economy.

Disclaimer: The views and opinions expressed in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Follow us on: News
Tether Mints $3 Billion
Tether Mints $3 Billion in USDT in 24 Hours Amid Global Expansion
Sujit Kumar
Sujit received his Bachelors in Science from the LNMU Darbhanga. He is currently working as a Content Strategist. He has more than three years of professional experience in information systems, security policies, technologies, and Cryptocurrency. He has published 6 books in the area of information security and assurance. He has published more than 50 research articles in leading journals Regarding the Latest and Breaking Crypto News and updates. His research interests include access control, computer forensics, Digital Marketing, Web development, business hacks, player experience, and virtual storytelling.

Top Picks