 
 
USDT stablecoin has reached new highs following an uptick in crypto adoption and stablecoin frenzy. The asset surpassed the $160 billion mark, extending its lead as the top stablecoin in the market. The milestone comes with several projections from analysts amid the launch of new assets to rival USDT.
Tether CEO Lauds Achievement
Tether’s CEO, Paolo Ardoino, disclosed the milestone in a recent X post, thanking users for their support over the years. The rapid adoption of these assets is driven by emerging utilities in several jurisdictions, as macroeconomic factors deteriorate. Some users also turned to USDT and other stablecoins to seamlessly transfer funds without the hassle of centralized institutions.
“A new mind-blowing milestone, a statement of the unrivaled utility of USDt as the digital dollar for billions of people living in emerging markets and developing countries. Thanks for your support.”
The asset which is now adopted by over 400 million people, remains a backbone of the crypto community. In a February post, Ardoino described USDT as the most successful tool for US Dollar distribution. Developing nations have recorded increased USDT usage due to government policies as citizens seek an alternative store of value tied to the dollar.
“That’s how USDt helps more than 400M people currently and grows at the pace of 35M new wallets per quarter, focusing on developing countries, while strengthening the US Dollar and holding > 115B in US Treasuries, making Tether the 18th holder by size of US Treasuries.”
 
Large investors typically use stablecoins as a testing ground for crypto assets. As an intermediary asset between the centralized and crypto markets, USDT continues to record significant traction. The asset now controls 65% of the stablecoin market share, while USD Circle comes in next with 26%. Despite the growing popularity of the asset, it has battled through regulatory headwinds.
Last year, USDT was at the center of money laundering allegations as more bad actors utilized the assets. Furthermore, the asset came under fire after reports pointed to its use in terror financing. Although crypto stakeholders backed the asset regulators, they tightened scrutiny in several markets. Aside from regulatory hurdles, top banks have shown keen interest in exploring their stablecoins, leading to growing competition.
Source: https://zycrypto.com/usdt-market-cap-breaks-160-billion-despite-tougher-stablecoin-rivalry/