USDT capitalization has updated its historical maximum

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The total market value of stablecoin Tether (USDT) has set a new record at $83.4 billion.

The previous all-time high of USDT capitalization at $83.2 billion was set in May 2022.

“Today’s figures demonstrate the desire of people to gain access to financial freedom. […] Tether tokens offer a safe haven without access to banking services,” said Paolo Ardoino, CTO of the company.

According to him, USDT also allows people in emerging markets to maintain purchasing power even in the face of devaluation of the national currency.

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Top 10 stablecoins by capitalization. Data: CoinGecko.

According to the press release, the Tether stablecoin strengthened its position in the segment and became the most traded stablecoin, outperforming its competitors combined.

In March, USDT doubled its closest competitor USDC in terms of capitalization. The changes took place against the backdrop of a temporary depeg of the latter.

Over the past year, USDC’s share has declined from 34.9% to 23.1%, while USDT’s share has increased from 47% to 65.9%.

Recall that in May, Ardoino said that Tether is considering new lines of business due to high profitability.

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