September was a record month for Tether: the company issued 9 billion USDT, according to Arkham Intelligence, and the stablecoin’s market capitalization exceeded $173.5 billion at the time of writing, according to the CoinMarketCap platform.
The data shows that despite market corrections, demand for USDT remains consistently high, and investors are accumulating liquidity in anticipation of new market opportunities.
Analysts believe that such activity signals that major players are preparing for new deals.
“Prices are down, but Tether is printing out fresh USDT. New mints have surged in the last few days-to-weeks,” said an analyst under the pseudonym Maartunn.
The BitBull investor also added:
“Tether minted another $1B USDT today. They have minted 8B USDT this month alone, and there are still 5 days left. I think big whales are getting ready with huge liquidity to buy dips before a big rally.”
According to CryptoQuant, in September, USDT (ERC-20) reserves on exchanges increased from 43 billion to 48 billion USDT, which is a historic high. This means that traders are accumulating funds for potential purchases during volatility.
In addition, the net inflow of USDT on exchanges has reached a new peak after growing since April, indicating increased investor interest in the stablecoin.
Historically, active USDT printing has often preceded large-scale bitcoin rallies, with similar dynamics observed in early 2023 and late 2024.
CoinGlass statistics also show that October is traditionally the strongest month for bitcoin, with an average gain of 21.9%, while Q4 as a whole shows an average return of 85.4%.
The key question is when exactly investors will start deploying liquidity, as the market is in the accumulation phase. You can read more about experts’ opinions on the crypto market in a separate article:
