Tether's USDT Stablecoin Market Cap Surpasses $115 Billion, Underscoring Its Dominant Position

Tether's stablecoin, USDT, has reached a significant milestone, with its market capitalization surpassing $115 billion.

Tether's (CRYPTO: USDT) stablecoin has achieved a new milestone as its market capitalization crossed the $115 billion mark, revealing the dominant role of USDT in the stablecoin market.

Announced in a cryptic “X” post by Tether's CEO Paolo Ardoino, this achievement highlights a market share of over 70% for nearly a year. Notably, over $1 billion was added to USDT's market cap in just the past week, coinciding with Bitcoin's (CRYPTO: BTC) rebound to a current price of $60,200.

This achievement underscores the widespread acceptance of USDT, reflecting user trust in its ability to maintain a stable value amidst the volatility often associated with cryptocurrencies like Bitcoin.

“Recently, surging to a $115 billion market cap, USDT's increasing adoption as the ‘digital dollar of choice’ for a wide range of transactions and use cases became apparent, extending beyond cryptocurrency trading,” stated Ardoino in a statement shared with crypto.news.

Highlighting a shift in the utilization of digital assets, Ardoino noted the increasing use of USDT as an alternative to traditional banking in emerging markets facing currency devaluation.

This growth is evident in Tether's performance over the last year, with its market cap increasing by over 40% since September 2023. This rapid expansion highlights the growing role of stablecoins in bridging traditional finance and digital currencies, offering a stable and reliable medium for trading and value storage in the crypto market.

According to recent data from blockchain analyst Lookonchain, $1.3 billion worth of USDT was transferred to centralized exchanges like Kraken, OKX, and Coinbase, signaling continued investor confidence amid a broader crypto market uptrend.

Meanwhile, Tether's transparency page reveals that over 90% of USDT's supply circulates on the Tron and Ethereum networks.

However, Tether's expansion has also attracted scrutiny, with potential misuse of USDT by sanctioned entities and for illicit activities being flagged by blockchain analytics firms. In response, Tether has recently partnered with Chainalysis to monitor USDT transactions on secondary markets to identify wallets linked to illicit activities or sanctioned addresses.

In addition to its market developments, Tether has recently launched an educational initiative in Africa. Through its Tether Edu unit, the company has partnered with five universities in the Ivory Coast, including Université Félix Houphouët-Boigny and Institut National Polytechnique Félix Houphouët-Boigny. This initiative will focus on blockchain education, particularly on its practical applications in sectors like healthcare, finance, digital identity, and supply chain management.

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