Tether Market Cap Breaks Historic Record, Reaches $100 Billion

Crypto News – The market capitalization of stablecoin Tether has surpassed an all-time high of $100 billion, registering a 9% year-to-date gain and widening the difference with its next-biggest challenger, USD Coin.

Tether Market Cap Breaks Historic Record, Reaches $100 Billion

According to CoinGecko data, USDT briefly achieved the $100 billion milestone on March 4. Compared to its nearest stablecoin competition, USDC, produced by Circle, which has also witnessed its market value rise this year, has a market cap of over $71 billion more. However, according to data from other sources, like CoinMarketCap, Tether has not yet passed the $100 billion threshold.

$2.85 Billion in Profit in the 3rd Quarter of 2023

It has developed into a major blockchain-based alternative for cryptocurrency traders in need of a reliable asset, making it the third-largest cryptocurrency by market capitalization, after Ether. In addition, Tether states that it can back each USDT token 1:1 with its independently audited reserves, which are mostly yield-bearing US Treasury Bills (T-Bills), which are essentially short-term loans to the US government.

The business claimed to have made a record $2.85 billion in quarterly profit in Q42023, of which $1 billion came from its T-Bills. Its fourth-quarter report revealed that it was worth over $80 billion, and it had previously declared itself to be the world’s largest buyer of T-Bills.