USDT market capitalization hit new record high

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Tether has been in an uphill race recently. The team has been releasing major updates and announcing notable developments, showing the growth of the stablecoin.

These include the disclosure of allocating 15% of its profits to the acquisition of Bitcoin, the introduction of a $1.5 billion BTC reserve, and the decision to begin 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, USDT has surpassed its all-time high market cap.

Tether (USDT) recovers what it lost in 2022

The Tether (USDT) stablecoin has successfully regained the market value it lost, which amounted to approximately $20 billion, following 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, set in May 2022.

Paolo Ardoino, CTO of Tether, stated:

“Today’s numbers show that people want access to financial freedom, and when given that access, they will use it. Tether tokens offer a safe harbor for the unbanked and allow people in emerging markets to maintain their purchasing power, even when their national currency is devaluing.”

During the second quarter of last year, the stablecoin’s circulation saw a drop of approximately 20% due to the destabilization of the 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 decline in the prices of most cryptocurrencies.

On the contrary, in recent months, the USDT circulation has shown growth, despite the reduction of its main competitor, USDC from Circle. According to CoinGecko data, USDT currently has a market capitalization of $83 billion with a 24-hour trading volume of $11 billion.

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