The market capitalization of Tether (USDT) breaks through the ATH level of $ 83.2 billion in May 2022
The market capitalization of Tether (USDT) breaks through the ATH level of $ 83.2 billion in May 2022
tether (USDT), the world's largest stablecoin, reached a groundbreaking milestone by exceeding its previous all-time market capitalization of $ 83.2 billion, a record that was set up in May 2022.
This remarkable performance continues to strengthen Tether's undisputed dominance on the rapidly growing stable coin market, which is currently ranks to astonishing $ 130 billion, whereby the market capitalization of USDT exceeds the total value of its closest competitors.
USt breaks through the ATH of the market capitalization 2022
According to a blog post by Tether, the USDT tablecoin recorded an outstanding performance in the first quarter of 2023 with a net profit of $ 1.48 billion.
"Today's figures show that people want access to financial freedom, and if this access is granted to them, they will make use of it." Tether token offer a safe harbor for those who have no bank account, and enable people to keep their purchasing power, even if their national currency is abandoned, "said Paolo Ardoinino, CTO of Tether.
The company invests around 85 % in cash, payment -means equivalents and short -term deposits. Tether claims that Usdt has about 2.5 billion surplus reserves in addition to the 100 % minimum reserves and increases the token offer by 20 % compared to the previous quarter.
"With our campaign -tested resistance in view of the market volatility and our industry -leading transparency practices, Tether has proven that one can trust him, and customers react accordingly. We strive to continue to focus on emerging countries and in our efforts to expand the access to financial freedom worldwide," do not add, "added Ardoinino.
other stable coins fight
The new service of USDT is done, since other stable coins have difficulty keeping their market shares due to regulatory problems and unfavorable economic conditions.
While he shared the Tether Update on Twitter, said Changpeng Zhao (CZ), the CEO and founder of the large crypto exchange Binance, noted that Usdt recorded a clear growth after the regulatory authorities had limited the Binance USD (BUSD).
remember that the New York State Department of Financial Services (NYDFS) in February instructed StableCoin issuers Paxos to cope with the characteristics of Busd due to alleged violations of securities laws. The stable coin recorded strong drains when investors reacted to the access of the regulatory authorities, and the asset lost its market capitalization of $ 23 billion. According to the data from Coinmarketcap, Busd had a market capitalization of $ 5.1 billion at the time of writing.
In addition to Busd, Circe also gives USD from Coin (USDC), the second largest stable coin after market capitalization, also recorded considerable drains in March, since investors panicked after around 3.3 billion US dollars of his reserves in the now dissolved Silicon Valley Bank (SVB) got stuck.
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