Tether Smashes Records with $83 Billion Market Cap
Tether (USDT), the leading stablecoin in the crypto market, has reached an all-time high market capitalization of over $83.2 billion, according to data from CoinMarketCap.
This milestone comes roughly one year after the implosion of the Terra blockchain ecosystem, which had caused a decline in USDT's market cap. However, since then, USDT has continued to grow, and its current market capitalization surpasses all previous records.
The stablecoin is widely used for providing stability and liquidity to the volatile crypto market, as well as acting as a bridge between fiat and digital currencies. Recently, Tether announced that it's using profits to hold Bitcoin as excess reserves and investing in the Bitcoin mining industry through a project in Uruguay.