Tether’s USDT Market Cap Sets New Record above $35 Billion

Today, the market capitalization of Tether’s USDT stablecoin surpassed $35 billion, further helping it cement its position as the world’s largest stablecoin.

Tether, which is closely affiliated with crypto exchange Bitfinex, works across a diversity of different blockchains, including Algorand, Bitcoin Cash’s SLP, Ethereum, EOS, Liquid Network, Omni and Tron.

Tether, which is ranked the 5^th biggest cryptocurrency by market cap, has been rising rapidly in the last two months amid growing institutional and corporate demand. Year-to-date, the token added $14 billion, which is greater than the combined market capitalization of all rival stablecoins.

For comparison, the market cap of this dollar-pegged coin stood at $20 billion as of January 1. Then, it soared to $26 a month later. Tether has seen roughly half of its aggregate market cap achieved in the last three months.

? Tether now has a $35B market cap!

? #Tether added an additional $14B to its market cap since January 2021. This is more than all other stablecoins current market caps combined. Stay up to date on our official Telegram channel ⬇️https://t.co/137b5oOauU pic.twitter.com/XGa2LPiRkt — Tether (@Tether_to) February 25, 2021

Additionally, February’s rally was supported by the news that Bitfinex allegedly paid back another $550 million to Tether, now covering more than 100 percent of its $750 million loan facility they took out two years ago.

Bitfinex, who shares a parent company with Tether, agreed yesterday to pay $18.5 million to settle New York's Attorney General's allegations that they lied about their reserves.

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This fantastic milestone was driven by growing interest in decentralised finance (DeFi) and OTC desks that use the token to settle block trades over-the-counter.