The value of the market cap of the stablecoin USDT from Tether has exceeded $115 billion.
According to a rather cryptic post on X message by Tether’s CEO Paolo Ardoino, Tether’s stablecoin USDT
USDT0.11 per cent Tether has crossed an important milestone, reaching 115 billion dollars in the value of its market capitalization. This milestone demonstrates USDT’s dominance in the stablecoin market, which has been responsible for more than 70 per cent of the overall market over almost one year.
Recent data suggests USDT’s market cap increased by $1 billion in the last week, which coincided with a resurgence in Bitcoin’s BTC1.42 per cent. Bitcoin value of $60,000.
Tether’s $115 billion market cap is significant since it illustrates how widespread USDT has become in the world of crypto. A market cap this large signifies that a lot of people are able to trust and use the stablecoin of Tether, which was created to have a steady value compared to volatile currencies like Bitcoin.
USDT’s recent rise to a $115 billion market cap highlights its increasing use as the “digital dollar of choice’ in a broad array of transactions and cases that extend beyond trading in cryptocurrency,” Arduino said in an email obtained by crypto. News, “We’re seeing a change in the way digital assets are being used in the present, with USDT increasing in use as an alternative to traditional checking and savings accounts, especially in emerging markets that are struggling with the devaluation of currencies.
Tether has seen a significant increase in its value over the last year. The market cap of Tether has risen by 40 per cent since September 2023, as the chart below illustrates.
This stability is what makes USDT a preferred choice for trading and keeping its worth in the cryptocurrency market. This boost also highlights the growing importance of stablecoins in the larger financial system since they serve an unbeatable connection between traditional currencies and digital currencies.
Blockchain Analyst Lookonchain revealed in the report that $1.3 billion of USDT was transferred to central exchanges like Kraken, OKX, and Coinbase in the context of a larger increase in the crypto market.
Tether’s transparency website shows that over 90% of the USDT supply is on either the Tron TRX0.84%TRON or Ethereum ETH0.5%Ethereum networks.
The expansion of Tether’s reach comes with questions.
Tether has come under scrutiny for the possibility of abuse of USDT by sanctioned organizations and criminal actions. Traditional financial institutions say that if the demand for crypto weakens, the supply of Tether could be affected.
To address concerns regarding abuse, Tether has started cooperating in partnership with Chainalysis to track USDT activities in the secondary market. This is a move to raise the security and transparency of wallets by finding those that are associated with illegal activities or addresses that are sanctioned.
Tether’s latest blockchain partnership
Tether has recently announced the formation of a partnership with Tether to encourage blockchain-based education at five universities across the Ivory Coast, including Universite Felix Houphouet-Boigny as well as INP Felix Houphouet-Boigny, Institut National Polytechnique.
By establishing the Tether Edu department, Tether will support programs that focus specifically on blockchain, cryptocurrency, and smart contracts. In order to provide students with practical knowledge relevant to industries such as finance, healthcare digital identity, and supply chain management.
