Tether, the world’s largest stablecoin by market share, has minted a staggering $3 billion USDT in just 24 hours, cementing its position as a leading player in the stablecoin market. According to on-chain analytics platform Lookonchain, Tether has minted over $13 billion since November 8, 2024, with daily minting transactions of $2 billion and $1 billion heading to the company’s treasury wallet.
Tether’s consistent minting of billions in USDT is seen as a sign of high market demand, a trend that could indicate bullish market conditions. In addition to its minting activities, Tether has also expanded its portfolio, collaborating with the UAE government to launch a new Dirham-backed stablecoin tied to the country’s energy reserves. The company is also making strides in Europe, partnering with Quantoz Payment to support the launch of the EURQ and USDQ stablecoins.
Tether’s diversification into energy and oil trade is part of its broader strategy to move beyond being just a stablecoin issuer. In October 2024, its investment arm funded a $45 million deal in the crude oil sector, signaling its ambitions to become a more diversified global entity.
Meanwhile, Tether remains the most popular stablecoin in Nigeria, far ahead of competitors like Circle’s USDC and PayPal’s PYUSD, which are less represented in the region.
