Achieving Unprecedented Heights: Tether (USDT) Market Cap Hits a Record $84 Billion
In a month filled with significant developments in cryptocurrencies, the stablecoin Tether (USDT) has surged to new heights, with its market cap edging closer to the remarkable $84 billion mark.
Throughout the year, Tether has experienced unprecedented growth, from $66.23 billion on January 1 to its present worth of $83.80 billion. Tether Holdings Ltd. announced a net gain of $1.48 billion in its May quarter assurance report. The excess reserve increased by an astounding $2.44 billion. Into the Block reported that Tether is right on track to suppress its net gain in the second and third quarters of the year.
In 2023, the general stablecoin sector experienced a significant decrease, losing more than $12.17. On the other hand, Tether has held strong, acquiring over $17 billion in market value, which is outstanding given the market scenario at the start of the year.
Growth Rate of Tether:
Based on the data accumulated by DefilLama, Tether has shown an impressive growth rate of 19% in 2023. Notably, all other stable coins have taken a toll, but Tether has maintained a solid standing in the market.
For example, Binance USD (BUSD), with a market value of $3.71 billion, has lost nearly 77% of its market share, which is significant given the currency’s former market position. Tether’s value is currently set at one dollar. With a market value of 83.80 billion, the stablecoin has firmly established itself as the third largest cryptocurrency.
On the other hand, some resources claim that DeFi stablecoins have been rolling out significant advancements to contend with their centralized counterparts. We can expect some noteworthy changes in the coming years.
As August begins, the crypto community is closely watching the developments in the Tether market and anticipating how they will influence the broader cryptocurrency landscape. The rise of Tether’s market cap to nearly $84 billion in July marks a milestone for the digital asset and sets the stage for further growth and innovation in the upcoming months.