Tether (USDT) Market Cap Surpasses $91 Billion
Tether continues to solidify its position as the largest stablecoin in the cryptocurrency market by setting a new record market capitalization.
Tether (USDT) Market Cap Surpasses $91 Billion. Photo: Bloomberg
On December 25th, 2023, Tether issued an additional 1 billion USDT, pushing its market capitalization over $91 billion for the first time, marking a nearly 38% increase in just one year.
💵 💵 💵 💵 💵 💵 💵 💵 💵 💵 1,000,000,000 #USDT (1,001,100,000 USD) minted at Tether Treasuryhttps://t.co/i3Dqn5tSA6
— Whale Alert (@whale_alert) December 25, 2023
Previously, during October and November, Tether had also injected an additional $5 billion USDT into circulation, contributing significantly to the strong recovery of the cryptocurrency market.
Market capitalization changes of leading stablecoins over one year. Source: CoinGecko (27/12/2023)
In response to this milestone, Tether's CEO, Paolo Ardoino, posted a summary of the company's activities in 2023 on Twitter.
I remember when I spoke for the first time in front of a public audience about @Tether_to .
— Paolo Ardoino 🤖🍐 (@paoloardoino) December 26, 2023
It was March 2020, in London, at the CryptoCompare conference.
The title of my speech was "Tether: a story of innovation".
I never did public speaking before.
I was excited and quite shy…
In addition to establishing a new record market capitalization above $91 billion, Tether has also built up a surplus fund exceeding $4 billion USD, serving as a buffer to ensure 100% backing for USDT. This surplus fund is directly sourced from profits on Tether's investments in U.S. Treasury bonds.
Learn more: What is USDT?
Moreover, the company has allocated a portion of its profits to invest in Bitcoin and gold, amounting to $1.6 billion USD and $3.1 billion USD respectively as of September.
Assets held by Tether as of September 30th, 2023. Source: Tether
Throughout 2023, the company has initiated and invested in numerous initiatives aimed at expanding the Web3 ecosystem, including:
- Holepunch / Keet: a decentralized protocol enabling P2P application deployment, eliminating reliance on third parties.
- Synonym: developing products to serve the Bitcoin ecosystem, popularizing Web3 functionalities to the public.
- Nothern Data: a Bitcoin mining company providing cloud mining services, receiving over $1 billion USD investment from Tether in 2023.
Mr. Ardoino also revealed that Tether will soon announce additional investments and new products, promising an eagerly anticipated 2024.
On the legal front, Tether has strengthened cooperation with U.S. government agencies in recent months to combat criminal activities, resulting in the freezing of 161 wallet addresses listed under OFAC sanctions and the seizure of over $435 million USDT.
