Tether Mints $3 Billion in USDt Amid Bitcoin Surge

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Table of Content

In today edition we talk about

• NFT Market Records $158M in Weekly Sales, Led by Ethereum and Bitcoin

• Tether Mints $3 Billion in USDt Amid Bitcoin Surge

• India Expands Cross-Border Payment Platform with CBDC Integration

NFT Market Records $158M in Weekly Sales, Led by Ethereum and Bitcoin

The NFT market continues its strong momentum in November, recording $158 million in weekly sales as of Nov. 24, despite a 12.7% dip from last week's $181 million. This figure remains significantly higher than early November’s $93 million, showcasing a 69% increase within the month.

Ethereum Leads Sales, Solana Dominates Buyers

Ethereum maintained its position as the top blockchain for NFT sales, generating $49 million this week, though down 25.9% from the previous period. Bitcoin followed with $43 million in sales, a 29% drop, while Solana ranked third at $23.9 million, a 9% decrease.

Notably, Solana saw a surge in buyer activity, with over 185,000 buyers this week—a 58% increase from last week’s 117,000—making it the leader in buyer numbers. Meanwhile, Polygon, Mythos Chain, Immutable, and BNB Chain collectively contributed $35.8 million to the week’s sales.

November’s Growth Outpaces October

November’s NFT sales are on track to surpass October’s $356 million, which marked an 18% increase over September and broke a seven-month downward trend. Despite fluctuations in average transaction value—down slightly from $133.08 to $126.17—the market shows continued resilience and growing interest in digital collectibles.

With Ethereum maintaining sales dominance and Solana’s expanding buyer base, the NFT space continues to demonstrate diverse strengths across blockchains.

Tether Mints $3 Billion in USDt Amid Bitcoin Surge

Stablecoin issuer Tether minted $3 billion in USDt tokens on Nov. 23, responding to rising crypto trading activity as Bitcoin nears the $100,000 mark. Data from Arkham Intelligence showed $2 billion minted on Ethereum and $1 billion on Tron in rapid succession. This brings Tether’s total USDt circulation to over $134 billion across various blockchains.

Stablecoin Demand Signals Market Optimism

Tether has minted approximately $13 billion in USDt since Nov. 8, reflecting heightened market activity. Stablecoin volume often signals investor sentiment, with high minting seen as a bullish indicator. Tether CEO Paolo Ardoino hinted at ambitious plans for 2025, emphasizing the need for "hyper-productivity."

Bitcoin Rally and Political Factors Drive Growth

Bitcoin's price surged from $69,000 to over $99,000 following Donald Trump’s Nov. 5 election win, fueling increased demand for stablecoins like USDt, which traders use for crypto transactions.

Pro-crypto advocate Howard Lutnick, appointed as commerce secretary by President-elect Trump, further boosted market optimism. Lutnick’s firm, Cantor Fitzgerald, which manages Tether's US Treasury reserves, recently acquired a 5% stake in Tether, valued at $600 million.

The combination of Bitcoin’s historic rally and political tailwinds underscores Tether's growing influence as crypto markets gain momentum.

India Expands Cross-Border Payment Platform with CBDC Integration

The Reserve Bank of India (RBI) is advancing its cross-border payments platform, aiming for instant settlement capabilities and exploring partnerships with more countries in Asia and the Middle East. Current agreements include Sri Lanka, Bhutan, and Nepal, with plans to add the UAE. The RBI also seeks to incorporate central bank digital currencies (CBDCs) into the settlement mechanism.

CBDC Developments in India

India's CBDC, currently limited to interbank use, may eventually expand to retail consumers, though no timeline has been set. The RBI launched CBDC pilot programs in 2022 and has since gathered 5 million users for its digital rupee trials. To support rural adoption, offline solutions for the digital rupee are in development, addressing areas with limited internet connectivity.

Interoperability and Global Outlook

India is a global leader in CBDC efforts, alongside China and Russia. RBI Governor Shaktikanta Das recently announced plans for a "plug-and-play" model to enhance interoperability between CBDCs worldwide, aiming for seamless transactions across systems.

Criticism and Privacy Concerns

While CBDCs promise efficiency, critics warn of potential government overreach and privacy risks, arguing that the drawbacks of centralized digital systems could outweigh their benefits.

India’s ongoing initiatives signal a growing focus on modernizing financial systems while balancing adoption challenges and public concerns.

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