In September, Tether broke its own record by issuing 9 billion USDT tokens—the largest monthly stablecoin issuance in history. According to the analytics platform Arkham Intelligence, at the time of publication, USDT’s market capitalization exceeded $173.5 billion (according to CoinMarketCap).
Despite recent corrections in the crypto market, demand for USDT remains high. Investors are actively accumulating the stablecoin in preparation for potential purchases amid future volatility or growth.
An analyst using the pseudonym Maartunn noted:
“Prices are falling, but Tether continues to print fresh USDT. Issuance volumes have increased sharply in recent days and weeks.”
An investor from BitBull added:
“Today, Tether issued another 1 billion USDT. A total of 8 billion have already been printed this month, and there are still five days left until the end of September. It looks like major players are building significant liquidity to buy into dips ahead of a major rally.”
CryptoQuant data confirms this trend: USDT (ERC-20) reserves on crypto exchanges have grown from $43 billion to $48 billion, an all-time high. This suggests that traders are pre-positioning funds on exchanges, anticipating favorable entry points.
Furthermore, net USDT inflows to exchanges reached a new peak, continuing to grow since April. This trend indicates growing investor interest in the stablecoin as a potential trading instrument.
Historically, active USDT issuance has often preceded significant Bitcoin rallies—similar patterns were observed in early 2023 and late 2024.
According to CoinGlass, October is traditionally one of the strongest months for BTC, with an average price increase of 21.9%. The entire fourth quarter has seen an average return of around 85.4%.
The main question now is when exactly investors will begin to utilize their accumulated liquidity. For now, the market is in the accumulation phase, and all indications are that participants are preparing for a new round of growth.
