Tether’s USDT Market Cap Reaches $100 Billion
Tether is the biggest stablecoin in terms of market cap. During the ongoing Bull Run, the stablecoin project has completed a new milestone with recording $100 billion market cap. On this account, Tether has posted a 9% increase in terms of year-to-date increment. At the same time, the stablecoin has also narrowed the difference with rival stablecoin namely USDC.
Tether to Claim $100B Milestone
Tether confirmed the $100 billion milestone on 4th March with market cap fluctuations based on live prices and circulatory supply, as per CoinGecko. In comparison to USDC, a Circle issued stablecoin, USDT has an additional $71 billion. Meanwhile, Circle market cap has also consistently increased during the ongoing year.
He told the media outlet that $100 billion market cap is a noteworthy achievement and testament to Tether’s pivotal role in the digital asset industry. Meanwhile, some trading platforms such as CoinMarketCap are yet to indicate the $100 billion market cap confirmation for Tether. Speaking on the event, Ardoino noted that the milestone was the result of trust and confidence that the platform built over the years with investors.
Tether Joins the List of Top Commodities in Britain
Tether’s $100 billion market cap has elevated it to the ranks of well-established commodities markets such as British oil and gas behemoth BP. At the same time, Tether is also travelling in the same rank as e-commerce giant Shopify. Tether is pegged to the price of USD on 14 blockchain networks and protocols as per the official website. It is the third-largest stablecoin in terms of market cap second only to Ethereum.
At the same time, Tether is also playing an important role to provide a store of value for cryptocurrency investors who are looking to conserve recent gains. During the last few months, crypto market regained $2 trillion mark.
On this account, Bitcoin printed 50% price increment recording new ATH after two years. Tether is pegged 1:1 ratio with independently audited reserves as per the issuer. These reserves include US Treasury Bills and short-term loans from the US government.
During the 4th quarter of 2023, Tether reported quarter income of $2.85 billion. $1 billion of this revenue was generated from Treasury bills. The 4th quarter report disclosed that Tether reserves contain more than $80 billion in Treasury bills.
At the same time, the firm claimed to be one of the biggest investor of US government debt. At the same time, Tether has also make changes in reserves to dissolve high-risk assets in favor of more stablecoin alternatives to appease investors.
Tether Introduces Recovery Protocol to Transfer USDT on New Blockchains
Tether is expanding blockchain ecosystem. On this account, the stablecoin introduced a new recovery protocol to migrate USDT to various ecosystems. The firm announced the new protocol on 4th March as a way to allow access to USDT in the event of any disruptions on one of the blockchain networks that enable USDT transactions.
Data projections from Tether indicate that USDT is now available on 14 blockchains including Solana, Omni, Ethereum, Tron, and Avalanche. Ethereum and Tron account for 43% and 51% of USDT supply respectively. USDT transactions are supported various blockchains but USDT is independent operator. The issuer recently declared that blockchains facilitate transportation for the stablecoin.
To avoid the risk of unresponsive or obstacles on networks, Tether introduced a locally developed recovery protocol. This protocol will assist investors to transport USDT in various blockchains.
The firm stated that investors will be able to confirm USDT proprietorship on an inactive blockchain and recipient addresses on other supported blockchains. The cryptographic signatures request options for USDT verification are available at browser extension wallets such as MetaMask.
The same service is also accessible on cold wallets such as Ledger and Trezor. With this protocol, investors are able to add private keys and sign necessary transactions on open-source scripts on a local machine. The recovery protocol debut is coincided with the completion of $100 billion market cap milestone placing Tether as one of the biggest cryptocurrencies by market cap.
