USDT, Tether’s stablecoin, has hit a new milestone by being worth more than $115 billion on the market. This makes USDT even stronger in the stablecoin market, where it has held on to more than 70% of the market for almost a year.
It was suggested that CEO Paolo Ardoino would reach this goal in a recent post on X, which emphasized USDT’s growing importance in the wider banking system. In the past week, the stablecoin’s market cap has grown by more than $1 billion, which is the same amount that Bitcoin’s price has grown to $60,200.
This $115 billion benchmark shows that USDT is becoming more widely used, which shows that a lot of people believe Tether’s stablecoin as a safe digital asset. Ardoino says that USDT is becoming more than just a way to trade cryptocurrencies.
Tether’s USDT Gains Popularity Globally
It is now being used as a “digital dollar of choice” in many financial deals, especially in emerging markets where currencies are falling in value.Since September 2023, USDT’s market cap has grown by more than 40%.
This shows that the stablecoin is a popular way to trade and store value in the cryptocurrency market. A blockchain analytics company called Lookonchain said that USDT worth $1.3 billion was recently moved to centralized platforms such as Kraken, OKX, and Coinbase. This happened during a market uptrend that affected the whole industry.
Tether has been under a lot of scrutiny because of the possibility that sanctioned organizations could misuse USDT. To deal with these worries, Tether has teamed up with Chainalysis to keep an eye on the secondary market and make things clearer by finding wallets that are connected to illegal activities.
Along with growing its market share, Tether is also putting money into blockchain instruction through its Tether Edu unit. Five universities in the Ivory Coast have teamed up with the company to support programs in blockchain technology, cryptocurrencies, and smart contracts.
These universities include Université Félix Houphouët-Boigny and Institut National Polytechnique Félix Houphouët-Boigny. The goal of this project is to give students useful skills that can be used in fields like healthcare, business, and digital identity.
