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Tether’s Market Cap Reaches All-Time High

The market cap of the tether—the world’s largest stablecoin has surpassed its all-time high set in May of last year as rival tokens continued to lose market share.

Tether’s market value stood at about $83.23 billion as of Thursday morning, slightly above its previous peak value of $83.16 billion on May 1, 2022, according to CoinMarketCap data.

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Coinmarketcap chart 

Stablecoins are dollar-pegged coins that let traders get in and out of their positions without having to convert back into fiat currency.

Tether has long faced scrutiny from regulators and investors, especially over the quality of the assets backing its dollar reserves. The digital token extended its lead over competitors after Circle Internet Financial’s USD Coin broke from its one-to-one peg to the dollar in mid-March.

The market cap of USD Coin was just under $29 billion on Thursday. The market value of Binance USD has fallen to $5.2 billion after New York regulators shut down the new issuance of the stablecoin.

Source: Bloomberg
Image: Tether