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- USDT achieved its peak market capitalization since the collapse of Terra.
- Tether’s CTO asserts that USDT will be the most secure choice for users.
The leading stablecoin provider in the crypto market, Tether (USDT), attained a market capitalization of approximately $81.5 billion on Thursday. This marks the highest level of its market capitalization since the fall of Terra in May 2022. USDT is only $2 billion short of surpassing its all-time high of $83.4 billion, which was reached on May 1 of the previous year.
Recently, Whale Alert, a cryptocurrency analytics and tracking service, reported that the Tether Treasury minted over a billion USDT tokens on the Ethereum blockchain. Tether’s CTO, Paolo Ardoino, tweeted that the newly minted USDT tokens have not yet been circulated. He clarified that it is an authorized but not issued transaction. This indicates that Tether will utilize the newly minted tokens as inventory for future issuance and other exchanges.
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1,000,000,000 #USDT (1,000,400,000 USD) minted at Tether Treasuryhttps://t.co/Tpsakud9df
— Whale Alert (@whale_alert) April 20, 2023
This led Tether to mint $15 billion in new USDT tokens since the beginning of 2023. Consequently, the stablecoin has experienced an approximate 15% increase in its market capitalization. Data indicates that USDT’s market share is currently at 63%, its highest level in the past two years.
Tether as the Alternative Solution
Ardoino referred to USDT as an alternative solution for struggling banks, asserting that it has been the most secure option for users wishing to move funds away from traditional banking. However, Tether has yet to publish its quarterly attestation for Q1 2023, but its ongoing growth in the stablecoin market reflects the confidence of investors.
Additionally, Tether is among the subjects discussed in this week’s House of Financial Services subcommittee hearing on stablecoins in Washington, D.C. The conversation centers on the absence of federal regulations for stablecoin issuers in the United States.
