Tether’s USDT hits first-time $100B valuation record as BTC hits ATH

USDT, the world’s largest stablecoin by market cap, has hit a valuation of $100 billion for the first time. The new record now extends the gap between USDT and USDC, the second-largest stablecoin currently at a $28.8 billion market cap. According to current figures, USDT exceeds USDC’s market cap by $72 billion.

USDT crossed $100 billion on Monday, March 4, upholding the stablecoin’s position as the world’s third-largest cryptocurrency. At $100 billion, USDT’s market cap exceeds the combined valuation of Shiba Inu , Cardano , and USDC.The rise in USDT’s market cap is advantageous to the stablecoin as it increases its liquidity in the market.

USDT issuer Tether has repeatedly assured that each token is backed by robust reserves comprising Treasury BIlls. In the fourth quarter of last year, USDT announced a record profit of $2.85 billion, with $1 billion earned from Treasury Bills. The fourth-quarter attestationin January also noted that the rest of the record-breaking profits came from a rise in its Bitcoin and Gold reserves. The company’s total net profit for 2023 came in at $6.2 billion.

USDT’s recent success comes as most of the crypto sector trades in green. Current CoinMarketCap data shows that all the top 10 largest assets, excluding USDT, have gained at least 4.8% in the last 7 days. SHIB is in the lead, with more than 322%, followed by Dogecoin with 121%. While XRP gained nearly 20%, Solana has risen 18%, with Cardano at 24%.has gained more than 25% and is currently at $68,530, inching close to its all-time high of $69,000.

Source: News Formal (newsformal.com)

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