Tether's Market Cap Approaches $93 Billion
Date: 2024-01-04 Author: Dima Zakharov Categories: BLOCKCHAIN
The world of cryptocurrency is buzzing with excitement as Tether, the largest dollar-backed digital currency, continues its impressive ascent. At the beginning of January, the market supply of Tether (USDT) reached an astonishing $92.63 billion.
Tether's parent company boasts assets valued at $95.2 billion, indicating a substantial surplus of reserves and reaffirming its robust financial capability. This significant milestone has left experts in awe, especially considering that back in the spring of 2017, USDT's market capitalization was less than $100 million. At that time, even Wall Street analysts, including VanEck's Gabor Gurbach, were optimistic that the stablecoin's market supply would eventually reach $100 billion in the coming years.
Since the start of 2018, Tether's market cap has skyrocketed by an impressive 6560%. The majority of Tether's capital is held in cash, including treasury bills and short-term deposits, ensuring its stability.
The cumulative market capitalization of stablecoins now stands at a remarkable $132 billion, accounting for approximately 7.2% of the total value of all digital currencies. This remarkable growth demonstrates the growing importance of stablecoins in the ever-evolving world of cryptocurrency.
