The market capitalization of Tether’s USDT crossed a milestone of $115 billion cementing Tether as the third largest crypto asset by market capitalization and the most dominant stablecoin in the industry with over 70% of the market share.
Tether’s CEO Paolo Ardoino announced the milestone in a subliminal post on X to his 235,000 followers.
In a statement to Crypto.News seen by Nairametrics, Paolo Ardoino further discussed the significance of the milestone and how it spells the growing importance of stablecoins in the crypto industry.
“USDT’s recent surge to a $115 billion market cap underscores its increasing adoption as the ‘digital dollar of choice’ for a wide range of transactions and use cases beyond just cryptocurrency trading,”
“We’re seeing a shift in how digital assets are used, with USDT increasingly serving as an alternative to traditional savings and checking accounts, particularly in emerging markets grappling with currency devaluation.”
The increasing market capitalization of Tether implies the growing trust of global crypto enthusiasts who are actively using stablecoins like Tether for their daily transactions due to their stable value, unlike other crypto assets. Stablecoins like Tether have become the favorite of traders for holding and trading due to their stability.
According to data from Into the Block, Tether’s market capitalization has increased by 40% since September 2023.
Blockchain Analyst Lookonchain revealed that about $1.3 billion worth of USDT has been transferred to centralized exchanges like Kraken, OKX, and Coinbase since last week’s Monday market crash.
Tether’s transparency page revealed that Tron and Ethereum Networks are the most preferred networks for USDT transactions accounting for over 90% of total USDT supply.
Tether faces scrutiny over allegations of Illicit activities
Despite Tether’s tremendous growth, the project has often been scrutinized for alleged facilitation of illicit activities by bad actors using the USDT. Various cases of scammers and hackers using USDT as a convenient means have prompted the Tether Team to take several precautionary measures.
As Nairametrics reported earlier, Tether has started collaborating with Chainalysis to monitor USDT activity on secondary markets to promote transparency and security.
What to Know
Nairametrics reported earlier that Tether has proposed to double its workforce to 200 following the industry success of the company. The company is looking to add manpower to its financial department which handles huge funds transactions regularly.
Tether recently announced a partnership to promote blockchain education across five universities in the Ivory Coast, including Université Félix Houphouet-Boigny and Institut National Polytechnique Félix Houphouet-Boigny.
Tether USDT is the favorite means of payment amongst Nigerian remote workers and freelancers working for foreign firms.
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