Tether Achieves New Milestone with Record-Breaking Market Cap

Tether has been on an upward hill run recently. The team has been releasing major updates and announcing notable developments, showcasing the growth of the stablecoin.

These include the disclosure of allocating 15% of its profits towards the acquisition of Bitcoin, the introduction of a $1.5 billion BTC reserve, and the decision to commence Bitcoin mining operations in Uruguay. Additionally, the stablecoin issuer announced its strategic investment in a payment processing platform called CityPay.io, which will bolster its presence in Georgia.

Now, in one of the most recent updates, Tether USDT has surpassed its all-time high market cap.

Tether gains back whatever it lost in 2022

Tether USDT stablecoin has successfully regained the market value it lost, which amounted to approximately $20 billion, after the collapse of algorithmic competitor TerraUSD over a year ago.

According to a live tracker published by Tether, the circulating supply of the highly traded digital asset has surpassed the previous record of $83.2 billion, established in May 2022.

Paolo Ardoino, CTO of Tether, stated: “Today’s numbers demonstrate that people want access to financial freedom, and when given that access, they will make use of it.” ” Tether tokens offer a safe harbor for the unbanked and allow people in emerging markets to keep their buying power, even when their national currency is being devalued.

During the second quarter of last year, the circulation of the stablecoin experienced a decline of approximately 20% due to the destabilization of crypto markets caused by the collapse of Terra. This event marked the beginning of a period characterized by bankruptcies, high-profile scandals, and a significant decrease in the prices of most cryptocurrencies.

In contrast, in recent months, the circulation of USDT has demonstrated growth, despite the shrinking of its primary competitor, USDC from Circle. According to CoinGecko data, USDT currently stands with a market cap of $83 billion with a 24-hour trading volume of $11 billion.