Tether (USDT), the world’s largest stablecoin, just hit a market capitalization of $ 50 billion at the end of April 2021. A definitive sign that the cryptocurrency bull market is warming up, the tether supply has grown by more than a factor of 10 in the past 12 months. If you calculate the breakdown, that equates to roughly 25% growth within a month.
Paolo Ardoino, CTO of Tether, commented on this success: “Exceeding a market capitalization of US $ 50 billion is an incredibly important milestone for Tether.” Additionally, he acknowledged that Tether’s success was a blueprint for a future in the banking system and as the central bank’s digital currency. Tether has gained recognition for its central role in the future of digital currency. As the first stablecoin in the cryptocurrency industry, USDT occupies a unique position as it is the most liquid and widely used dollar-linked token on the market right now. Additionally, USDT remains one of the highest-quoted currencies for Bitcoin and Ether trading pairs.
Last month, USDT accounted for about 66.1% of the total stablecoin market. In comparison, the USD Coin (USDC) is the second largest stablecoin and is valued at just under $ 11 billion. There has been some conversation and concern in the crypto community about Tether and speculation about its reserves. However, Tether quickly allayed the concerns, and a confirmation report from Cayman Islands-based Moore Cayman confirmed that USDT tokens are indeed fully backed by reserves.
Not long ago, Tether had fined the New York attorney general for $ 18.5 million. Allegedly, Tether had misrepresented the degree to which the USDT coins were backed by fiat collateral. Fiat-backed currency is government issued or government backed currency. As such, Tether agreed to make periodic filings that now prove his reserve status. Thus, the assurance report comes one month after the settlement agreement.
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