- Tether (USDT) surpasses its previous all-time high market cap.
- The stablecoin USDT now has a market share of over $83.2 billion.
- USDT’s dominance hits 64.34%, while its closest competitor’s share is 22.32%.
Tether USDT, the most widely used stablecoin, has reached a significant milestone by surpassing its previous all-time high market cap. According to a recent report by Tether, the firm’s market cap has exceeded the previous record, hitting $83.2 billion as of June 2023.
Paolo Ardoino, the Chief Technology Officer of Tether, expressed his satisfaction with the achievement, emphasizing the growing demand for financial freedom among people. He said
Today’s numbers demonstrate that people want access to financial freedom, and when given that access, they will make use of it. We will not waver in our efforts to expand access to financial freedom globally.
Ardoino further explained that Tether’s tokens are a haven for the unbanked and individuals in emerging markets, allowing them to preserve their purchasing power even when their national currencies face devaluation. He also highlighted that Tether’s resilience during market volatility had earned them customer trust.
Since its inception in October 2014, Tether has solidified its position as the leading stablecoin on the market. Tether claims its USDT is the most traded stablecoin, surpassing all competing offerings.
Data from the most popular market tracker, CoinMarketCap, confirms that the market cap of all stablecoins is $129 billion, with USDT holding the majority share. Specifically, USDT bears a 64.34% share of all stablecoins with its over $83 billion value.
Circle USD (USDC), USDT’s closest competitor, holds only 22.32% of the global stablecoin market with $28.87 billion.
Furthermore, Tether reported more remarkable performances in the first quarter of this year. The firm reported a net profit of $1.48 billion, significantly boosting its reserves. The company claims to hold around 85% of its investments in cash, cash equivalents, and other short-term deposits.