Stablecoin issuer Tether minted $1 billion USDT tokens on the Ethereum blockchain, capitalizing on a market upswing driven by hopes that the SEC might approve a spot ETH ETF for trading this week.

There were $87.8 million worth of such USDT on Ethereum as of May 21. Over the past year, Tether’s market cap has grown significantly, surpassing $110 billion and controlling around 70% of the market.