Tether's Reserves Surge by $10 Billion in Three Months, Nearing $100 Billion Market Cap
Date: 2024-01-22 Author: Dima Zakharov Categories: BLOCKCHAIN
Tether, the company behind the popular stablecoin USDT, has significantly boosted its reserves by $10 billion within the last three months, making a substantial impact on the cryptocurrency market. As of January 16, 2024, the market capitalization of USDT reached a milestone, surpassing $95 billion.
This achievement underscores Tether's growing influence in the digital currency space, as the stablecoin market continues to thrive. USDT's consistent growth in market capitalization over several months has raised expectations that it could soon become the first stablecoin to achieve a remarkable $100 billion market capitalization.
To put this achievement into perspective, only a handful of cryptocurrencies have crossed this threshold. Bitcoin reached a $100 billion market cap back in October 2017, while Ethereum and XRP followed suit a few months later. Another cryptocurrency, Binance Coin (BNB), exceeded $110 billion in November 2021.
Additionally, USDT maintains a dominant position in the market, currently accounting for 71.14% of the total market share, according to DeFiLllama data.
Tether's recent move to acquire 8888 BTC worth $380 million at the end of 2023 showcased its commitment to expanding its cryptocurrency portfolio. The company also has plans to launch several new products and consolidate its existing solutions in 2024, further solidifying its presence in the crypto world.
