USDT Hits Record-Breaking $100B Market Cap

Tether’s USDT has made crypto history by reaching a $100 billion market cap, showing its widening influence on the stablecoin market. USDT has grown by a substantial 9% since the start of the year.

Stablecoins are cryptocurrencies pegged to the value of a fiat currency, such as the US dollar. However, USDT has retained most of the sector’s market share and is the most widely used stablecoin. 

USDT Hits $100 Billion, Leads Stablecoin Market

Tether has a market capitalization of about $71 billion more than USDC, demonstrating its supremacy in the stablecoin industry. This puts Tether’s market capitalization in the same ballpark as large enterprises like the e-commerce platform Shopify and the British oil and gas business BP. 

Source: Coingecko

Tether is also the third-largest cryptocurrency by market cap and is seen as a more desirable option for savings and remittances. In addition, Tether operates on fourteen blockchains and protocols. It is also a preferred option for investors looking for a reliable asset during high volatility. 

So, Tether claims its reserves are mostly in the form of yield-bearing U.S. Treasury Bills (T-Bills). And backs each USDT token 1:1. There have been concerns about Tether’s commitment to transparency in previous months. However, the stablecoin issuer announced a record-breaking $2.85 billion quarterly profit in Q4-2023. Interestingly, about $1 billion came from its T-Bills assets.

The stablecoin market has also recorded significant progress recently, surging by $3.26 billion in its market cap in the last eight days. This growth also coincides with the increased supply of notable stablecoins, such as USDC and DAI. 

Bitcoin Continues its Upward Climb

The larger cryptocurrency market has also begun to rebound. In the past month, its entire market capitalization has surpassed $2 trillion. Bitcoin’s price recently hit a multi-year high of $65,000. This surpassed the previous record set against the euro. Bitcoin reached a record-breaking value of 60,000 euros on March 4. 

Trading at $65,000 means Bitcoin is only a few steps away from its all-time high of $69,000 recorded in November 2021. However, Bitcoin’s recent surge makes it likely that that foremost cryptocurrency could set a new record in a matter of weeks. 

The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.


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