In a booming crypto universe, Tether and its stablecoin USDT have reached a historic milestone, touching a market capitalization of $100 billion for the first time.
A Growing Demand Amid Crypto Frenzy
The rise of USDT comes in a context of increased demand for liquidity in cryptocurrency trading, with an addition of $2 billion to its supply just last week.
While the number of USDT tokens stood at around 99.5 billion, according to Tether’s website, a slight deviation from the US dollar was enough to push the market capitalization above $100 billion for a brief period.
Despite a bear market in 2022, USDT experienced a swift resurgence last year, capturing significant market share at the expense of its competitors, reaching 70% market share. This momentum is supported by rising US interest rates, allowing Tether to generate significant profits.
