In November, Tether’s USDT circulating supply increased by 4.5 billion, driven by optimism for a potential spot in the Bitcoin ETF. Arkham, a blockchain intelligence platform, reported this surge, with $3 billion USDT minted on the Tron network, including a significant contribution of $2.5 billion from a Kraken deposit address, “TQef1.”
The latest data reveals a 35% surge in USDT supply since the beginning of the year, reaching an all-time high of 89.35 billion. Tether has experienced substantial growth over the past year, surpassing rivals like USD Coin (USDC) and BUSD stablecoin, solidifying its dominance in the stablecoin market at around 70%.
Market observers suggest that the expanding USDT supply signals increased buying power on cryptocurrency exchanges, with speculation that institutional investors may be converting fiat into stablecoins for cryptocurrency investments.
Tether’s CEO, Paolo Ardoino, hinted at upcoming products in 2023 as part of the stablecoin issuer’s expansion. Ardoino mentioned leveraging technology for two disruptive fintech projects and developing products that could revolutionize popular Web2 centralized services. He shared details about Tether’s involvement in co-founding and investing in peer-to-peer technology called “holepunch,” a non-blockchain-based tool facilitating the creation of web services without central infrastructure.
This innovation has the potential to enhance efficiency, scalability, and user privacy for services like WhatsApp, Gmail, and Google Maps.
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