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Tether breaks all-time high market cap, surpasses $83 billion

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Tether, the creator of stablecoin — USDT has achieved a significant milestone by surpassing its previous all-time market cap high of $83.2 billion, which was set in May 2022.

Tether’s success can be attributed to its blend of the benefits of digital and traditional currencies. The USDT stablecoin, created in October 2014, has become the most traded cryptocurrency, surpassing all other competing offerings. It allows for instant global transactions while maintaining the stability of a traditional currency. 

Paolo Ardoino, the Chief Technology Officer of Tether, expressed his excitement saying, “today’s numbers demonstrate that people want access to financial freedom, and when given that access, they will make use of it.” 

Ardoino also pointed out Tether’s role in providing a secure environment for the unbanked and a way for individuals in emerging nations to keep their purchasing power in the face of currency depreciation.

In addition to its market cap milestone, Tether’s recent attestation highlights its dedication to transparency and its work in emerging markets as a safe from volatile markets. The company has reported an outstanding performance in the first quarter of the year, with a net profit of $1.48 billion, significantly bolstering its reserves. 

With approximately 85% of its investments in cash, cash equivalents, and short-term deposits, along with a 20% increase in token supply quarter-over-quarter and around $2.5 billion in excess reserves beyond the required minimum reserves, Tether has firmly established itself as a trustworthy entity poised for an optimistic future.

Tether is committed to keep fulfilling its goal of giving consumers access to financial independence and innovation on a global scale, with an emphasis on developing nations. With its outstanding growth and unwavering dedication, Tether is positioned to shape the future of the financial landscape.

Read Also: Aave v3 sets to be deployed on Scroll Mainnet

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