Tether (USDT), the popular stablecoin issuer, has reached a new milestone by surpassing its previous record and reaching an all-time high market cap of over $83.2 billion. Paolo Ardoino, Tether’s Chief Technology Officer (CTO), attributed this achievement to the growing demand for financial freedom and the unique advantages provided by Tether tokens.
Ardoino explained that Tether offers a financial refuge for the unbanked and helps individuals in emerging markets preserve their buying power, even in the face of devaluing national currencies.
Since its launch in 2014, Tether’s USDT stablecoin has become the most traded stablecoin in the market, surpassing the combined trading volume of all other stablecoin offerings. In the first quarter of the year, Tether reported a net profit of $1.48 billion, significantly bolstering its reserves.
The company holds approximately 85% of its investments in cash, cash equivalents, and short-term deposits. With a 20% quarter-over-quarter increase in token supply and over $2.5 billion in excess reserves beyond the 100% minimum requirement, Tether remains in a strong position.
On May 31, Tether recently announced its increased presence in Georgia through an investment in CityPay.io, a prominent payment processing company operating in over 600 locations across the country.
This move further enhances Tether’s reach and expands its services to various establishments, including shops, hotels, and restaurants. As the stablecoin sector within the cryptocurrency space experienced a decline, Tether’s remarkable market cap achievement showcases its resilience and continued growth.
According to CCData’s Stablecoins & CBDCs report, total stablecoin trading volumes declined by 40.6% to $460 billion in May, marking the lowest monthly trading volume since December 2022.
However, Tether’s exceptional performance and increasing market cap highlight its strength in the stablecoin market, as it remains a trusted choice for investors and users seeking stability and financial freedom.
As Tether continues to make strides in the cryptocurrency industry, its success in providing a secure and accessible financial ecosystem to individuals worldwide is becoming increasingly evident.
With its focus on emerging markets and dedication to transparency, Tether aims to broaden access to financial freedom and maintain its position as a leading stablecoin issuer in the global market.
