TETHER IS COMING MORE STRONGER DESPITE THE CRASH
Tether, the largest stablecoin issuer in the market, has seen its market capitalization hit a new record high, exceeding $83.2 billion.
The stablecoin (USDT), which is pegged at one-to-one with the U.S. dollar and is backed by reserves of cash and cash-equivalent assets, has recovered the $20 billion in market value it lost following the collapse of rival stablecoin TerraUSD last year.
“Today’s numbers demonstrate that people want access to financial freedom, and when given that access, they will make use of it,” Paolo Ardoino, CTO of Tether, said in a statement.
“Between our battle-tested resilience in the face of market volatility and our industry-leading transparency practices, Tether has proven that it can be trusted, and customers are responding in kind.”
The instability that rocked the crypto market last year saw Tether, as well as other major stablecoins, lose a large share of their market cap as investors started exiting the market amid increased uncertainty.
While Tether has managed to recover the market value it lost last year, other stablecoins have not been this successful.