Tether, issuer of the USDT stablecoin, created an additional $3 billion worth of tokens on the ethereum and Tron networks on Nov. 23 due to a spike in trading activity in the crypto markets.
Recent data from Arkham Intelligence showed that $2 billion in USDT was generated on the Ethereum blockchain, followed closely by another $1 billion USDT on the Tron network.
According to Lookonchain, Tether has generated about $13 billion USDT since November 8.
The volume of stablecoins in circulation is often used by traders and investors as an indicator of interest in crypto markets. A large amount of newly minted stablecoins is often considered a positive indication for price movement, while low volume suggests the opposite.
Following Donald Trump's election victory on November 5, the value of Bitcoin experienced a significant surge, rising from approximately $69,000 to a new record high of over $99,000.