Tether’s USDT Reaches Monumental $100 Billion Market Cap Milestone
Tether’s USDT has achieved yet another milestone by surpassing a market capitalization of $100 billion.
On March 4, Tether (USDT) briefly reached the $100 billion mark, with an impressive growth of 9% year-to-date, according to data by CoinGecko .
Comparatively, USDT maintains a lead of over $71 billion in market cap when compared to its closest competitor, USD Coin (USDC), which is issued by Circle and has also experienced growth this year.
However, it should be noted that other data sources, such as CoinMarketCap, have yet to display Tether’s $100 billion market cap.
With its market cap now on par with British oil and gas giant BP and slightly above e-commerce titan Shopify, Tether has become a key player in the crypto market.
The stablecoin, which is pegged to the value of the United States dollar, is available on 14 different blockchains and protocols, according to the official Tether website.
Currently, it stands as the third-largest cryptocurrency by market capitalization, trailing only Bitcoin and Ether.
Tether has emerged as a crucial asset for crypto traders seeking stability within the volatile market.
Its role as a blockchain-based option has solidified its position and attracted a substantial user base.
Over the past month, the crypto market as a whole has experienced a resurgence, with a market cap exceeding $2 trillion.
Bitcoin, in particular, has witnessed a 50% price increase, reaching levels not seen in two years.
The company behind USDT, also named Tether, claims to back each token with its independently audited reserves, predominantly consisting of yield-bearing U.S. Treasury Bills (T-Bills).
In the fourth quarter of 2023, Tether recorded a record quarterly profit of $2.85 billion,
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