- Tether’s market cap nears $120 billion, solidifying its dominance with 70.4% of the stablecoin market.
- Tether shows strength with $118.4 billion in reserves, surpassing liabilities by $5.3 billion in Q2 2024.
Tether (USDT) is approaching a momentous milestone as its market cap approaches $120 billion, according to new data from IntoTheBlock. This impressive result reinforces Tether’s domination in the stablecoin market, where it presently maintains a commanding 70.4% percent.
In comparison, USD Coin (USDC) has a market capitalization of $35.88 billion. A sizable investment of more than $1 billion into stablecoins in the previous week has fueled Tether’s rapid ascent, indicating a high demand for stability in an otherwise unpredictable crypto market.
Tether has reached a new all-time high in market cap, with the total $USDT value nearing $120 billion. pic.twitter.com/KvdjZidz7E
— IntoTheBlock (@intotheblock) September 21, 2024
Tether Steady Growth Amid Crypto VolatilityÂ
What distinguishes Tether is its continuous peg to the US dollar, which provides a level of stability that has made it a popular choice among traders. Given the current turmoil in the crypto industry, there has never been a greater demand for a reliable asset, and Tether has successfully filled that need.
The recent minting of an additional $1 billion on the Ethereum network and another $100 million on the Tron network serve as proof of its ongoing expansion. This move suggests that Tether’s demand continues to rise, emphasizing its vital role in providing liquidity and stability within the crypto ecosystem.
Meanwhile, as CNF previously highlighted, Tether has demonstrated strong financial security. An audit for Q2 2024 shows that Tether’s reserves are $118.4 billion, outpacing its liabilities by $5.3 billion. This financial buffer instills confidence in investors and stakeholders, ensuring that Tether stays a stable and reliable asset.
Tether’s enormous assets also include $97.6 billion in the US Treasury, ranking it as the world’s 18th largest holder. This strong reserve lends Tether further legitimacy, supporting its status as a reliable and trustworthy option for individuals navigating the cryptocurrency market.
Furthermore, Tether’s influence goes beyond its market supremacy and financial power. Its work with other organizations to improve the security and integrity of the bitcoin ecosystem has been notable.
For example, as we previously noted, the T3 Financial Crime Unit (T3 FCU) is a strategic project that combines TRM Labs’ anti-financial crime knowledge with Tron’s technology and Tether’s investigative capabilities.
Even before its official launch, this unit has made a substantial effect by collaborating with law enforcement agencies to freeze more than $12 million in USDT connected to illegal activity.
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