USDT Soars To $115 Billion Market Cap As Tether Sets New Record

Tether’s USDT has crossed yet another significant milestone in market capital, surging past the $115 billion mark. This attainment is a proof of the fact that stablecoin gains massive traction in the market, especially under periods of high volatility where users rush for safer crypto assets.

USDT has become an indispensable part of the digital asset ecosystem, having a general use for trading and as an outlet for investors during times of market uncertainty.

Resilience In The Crypto Market

Cryptocurrencies have shown some excellent resilience in the market of late, with some of the biggest in the market being Bitcoin and Ethereum. Currently, Bitcoin accounts for about 54.4% of the market, while Ethereum holds around 17.8%.

The combined market for all these digital assets is estimated to be $2.11 trillion; USDT ranks third among digital assets. This kind of increase clarifies the growing relevance of Tether as well as the confidence traders and investors have in the stablecoin.

Paolo Ardoino, CEO of Tether, was proud to achieve this big milestone. He was quoted as saying that USDT moved ahead from where it started. Just to gauge how much this asset class has ballooned, it was able to generate a net profit of $5.2 billion over the first half, which it attained with significantly fewer manpower than what big exchanges like Coinbase and Binance have. All thanks to a well-thought-out strategic investment portfolio in addition to adapting to the fast-changing norms in digital finance.

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— Paolo Ardoino Read More