Tether, the largest issuer of stablecoins globally, has minted more than $3 billion in USDT within a single day, marking a significant milestone in its minting activity for November.
Massive Minting Activity
According to blockchain analytics firm LookOnChain, Tether minted the $3 billion in two separate transactions—one for $2 billion and another for $1 billion—both directed to the company’s treasury wallet. This latest activity contributes to a total of over $13 billion minted by Tether since the beginning of November.
The company has engaged in multiple large-scale minting operations this month, including $9 billion minted on November 8, and $1 billion each on November 21 and November 23.
This surge in minting typically signals increased demand for stablecoins, a positive indicator for the market. Conversely, periods of low minting activity can be seen as a bearish signal.
Expanding Its Global Reach
Beyond its minting operations, Tether continues to broaden its business footprint. Recently, the company collaborated with the United Arab Emirates (UAE) government to launch a dirham-pegged stablecoin. This token is fully backed by the UAE’s reserves and tied to the AED value, aiming to position the UAE as a global economic hub and bolster its financial markets.
In addition, Tether partnered with Quantoz Payment to introduce euro- and U.S.-pegged stablecoins, EURQ and USDQ, further diversifying its offerings.
Forays Into New Ventures
Tether’s diversification strategy extends beyond stablecoins. In October, its investment arm financed a $45 million physical crude oil trade in USDT. The deal enabled the transportation of 670,000 barrels of crude oil from the Middle East to major publicly traded oil companies and commodity traders.
This move marks a significant shift for Tether, traditionally recognized as a stablecoin issuer, and showcases its ambition to expand into other sectors such as energy and commodities.
The company’s recent minting and business developments highlight its growing influence in the global financial ecosystem and its strategic push into emerging markets.
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