The world’s largest stablecoin by market share, Tether, has minted approximately $3 billion USDT in just 24 hours, further solidifying its dominance in the stablecoin market.
This move puts Tether ahead of competitors like Circle’s USDC and PayPal’s PYUSD.
According to the on-chain analytics platform Lookonchain, Tether has been consistently minting $3 billion worth of USDT daily. Since November 8, Tether has issued over $13 billion in new USDT. Lookonchain shared the findings on X, noting, “Tether minted another 3B $USDT! #Tether has minted 13B $USDT since Nov 8!”
These daily minting activities are split into two transactions: one for $2 billion and another for $1 billion, both of which are directed to the company’s treasury wallet.
The pattern of minting large sums of USDT suggests high demand for the stablecoin, which can indicate bullish market conditions. Conversely, a decrease in minted stablecoins could signal a bearish market.
In addition to its market growth, Tether has expanded its operations globally. The company recently launched a Dirham-backed stablecoin in collaboration with the United Arab Emirates (UAE), pegged to the UAE Dirham and backed by the country’s energy reserves.
This move aligns with Tether’s vision of the UAE becoming a global economic hub. Tether is also growing its presence in Europe, partnering with Quantoz Payment to introduce EURQ and USDQ, euro- and US dollar-backed stablecoins, respectively.
Tether’s diversification strategy also extends to the energy sector. In October, the company’s investment arm financed a $45 million USDT crude oil trade. This venture marks Tether’s expansion beyond stablecoin issuance into physical asset transactions.
Tether’s USDT is particularly popular in regions like Nigeria, where alternatives like USDC and PYUSD have limited traction, partly due to PayPal’s limited presence in the country.
Tether’s involvement in energy, particularly crude oil, could facilitate significant trade flows, potentially transporting over 670,000 barrels of oil from Middle Eastern countries to global markets.
These moves showcase Tether’s growing role in both the digital and traditional financial sectors, positioning itself as more than just a stablecoin issuer but a key player in global markets.
