2024-11-12 16:26 |
Tether has minted $5 billion worth of the USDT stablecoin over the past week amid Bitcoin’s rally near the $90,000 milestone.
Data from blockchain analytics platform SpotOnChain reveals that Tether began this series of USDT issuances with $1 billion minted on Nov. 6, contributing to Bitcoin’s climb to a record high of $76,200.
The firm then issued another $2 billion USDT across Nov. 9 and 10, propelling Bitcoin past the $80,000 mark. Earlier today, Tether added another $2 billion USDT, bringing the total issuance over five days to $5 billion.
This minting spree has boosted Tether’s market cap to around $124 billion, further cementing its position as the leading stablecoin in the crypto market.
As the dominant dollar-pegged stablecoin, USDT is pivotal in crypto trading, supporting liquidity across centralized and decentralized exchanges. Data from CryptoSlate shows that USDT remains one of the most frequently traded assets, with a 24-hour trading volume approaching $289 billion.
Meanwhile, this recent increase in USDT supply aligns with a broader market upswing, reflecting growing optimism and trader confidence. Historically, a rise in USDT circulation correlates with gains in major cryptocurrencies like Bitcoin and Ethereum.
So, as this latest expansion in supply has unfolded, Bitcoin’s price has reached new all-time highs of nearly $90,000, buoyed by market optimism about Donald Trump’s return to the US presidency.
Wallet development kitUSDT’s increasing supply coincides with Tether launching an open-source wallet development kit (WDK) to streamline non-custodial wallet integration for websites and applications.
Tether described the WDK as a modular, open-source toolkit that empowers businesses and developers to integrate non-custodial wallet functionality. This toolkit supports human users and emerging digital entities like AI agents, robots, and autonomous systems.
The WDK is fully self-custodial, enabling developers to create sophisticated mobile, desktop, and web wallets.
Tether CEO Paolo Ardoino said the product would allow users to control their financial destiny through “programmable, open, and resilient monetary systems that connect people, machines, robots, families, communities, AI agents, societies, and even planets.”
He added:
“WDK by Tether is focusing on open-source, super-modular, highly scalable and battle tested development libraries that are easy to integrate on any platform, from embedded devices to mobile, from laptop apps to websites, from AI agents to robotic brains.”
The post Tether prints $5 billion USDT in 5 days adding to bull run market liquidity appeared first on CryptoSlate.
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