Tether, the world’s largest stablecoin issuer, has minted over $3 billion in USDT in the past 24 hours. This action accumulates the company’s mint in a month.
According to LookOnChain’s Nov. 24 post on X, Tether has minted $3 billion USDT daily. It is divided into two transactions, one of which includes $2 billion and the other $1 billion simultaneously; both transactions go to company’s treasury wallet.
Tether has minted over $13 billion since early November. The company minted several times, including $9 billion on Nov. 8, $1 billion on Nov. 21, and $1 billion on Nov. 23.
Stablecoin issuers minting their own coin could indicate a positive action for the market as the demand for this coin increased. While the low minted activity from the issuer means a bearish for the market.
Tether business, from stablecoin to energy
Tether expanded its business arm by collaborating with the government of the United Arab Emirates (UAE). They launched a new dirham-pegged stablecoin, fully backed by the country’s reserve and tied to AED value.
They pegged the UAE’s dirham to be tokenized due to the company’s vision for the UAE to become a significant global economic hub. It will also provide the needs of the country’s financial market as one of the Asian financial hubs.
The company also collaborated with Quantoz Payment to support the launch of the euro and U.S. stablecoin named EURQ and USDQ, respectively.
Tether’s investment arm, in October, funded a physical crude oil trade with a $45 million deal in USDT. This marked a significant move in its diversification strategy after decades of being known as a stablecoin issuer.
This initiative will facilitate major publicly traded oil companies worldwide to transfer their crude oil to a leading commodity trader. It would transport 670,000 barrels of crude oil from Middle East countries.
Read the full article here