- Tether beat its previous all-time market cap high and set a new all-time high.
- It beat the record of $83.2 billion set in May 2022.
- The CTO of Tether shares his excitement in a statement.
Tether’s USD₮ stablecoin has reached a significant milestone, surpassing its previous all-time high market cap of $83.2 billion. In detail, the previous record was set in May 2022. This achievement solidifies Tether’s position as the leading stablecoin and a pioneer for financial freedom and innovation.
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Tether’s success can be attributed to its combination of the advantages of digital currency, such as instant global transactions, with the stability of traditional currency. Since its establishment in October 2014, Tether’s USD₮ stablecoin has become the most traded cryptocurrency, surpassing all other similar offerings in the market.
Paolo Ardoino, the Chief Technical Officer of Tether, expressed his excitement about the company’s success,
“Today’s numbers demonstrate that people want access to financial freedom, and when given that access, they will make use of it.”
He further emphasized Tether’s role in providing a safe harbor for the unbanked and enabling individuals in emerging markets to retain their buying power, even when their national currencies are being devalued.
Transparency and compliance have been key principles for Tether, and the company’s recent attestation further underscores its commitment to these values. It highlights Tether’s work in emerging markets as a safe haven amidst volatile market conditions.
Additionally, Tether’s financial performance in the first quarter of this year has been remarkable, with a net profit of $1.48 billion, significantly strengthening its reserves.
With approximately 85% of its investments in cash, cash equivalents, and other short-term deposits, along with a 20% increase in token supply quarter over quarter and excess reserves of around 2.5 billion, Tether has established itself as a trusted entity with a positive outlook for the future.
Looking ahead, Tether remains dedicated to providing financial freedom and innovation to users globally, with a particular focus on emerging markets. As a reliable stablecoin, Tether continues to lead the way in transparency, resilience, and accessibility, ensuring secure and stable digital currency transactions for its users.
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