Home Blockchain Tether’s USDT sets new all-time high in spite of regulatory concerns

Tether’s USDT sets new all-time high in spite of regulatory concerns

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According to sources, Tether’s USDT market cap has surpassed the all-time high of $83.2 billion. June 1 statement From stablecoin issuers.

data According to DeFillama’s research, about half of USDT’s circulating supply, 42.86 billion, is on the Tron blockchain, and 33.37 billion of that supply is on Ethereum.

Stablecoins also have significant supply in other blockchain networks such as Binance Smart Chain, Polygon, Solana, and Avalanche.

of the tether transparency data First, in June, total assets were $85.6 billion, liabilities were $83.2 billion, and the liquidity cushion was $2.4 billion.

Tether Growth in 2023

Tether’s USDT has seen significant growth this year, increasing its market cap by about $17 billion. During this period, the company’s market power reached its highest level in two years.

Source: Defilama

In 2023, Tether had a strong first quarter and reported its intention to invest its profits in Bitcoin. Additionally, the cryptocurrency company has expanded into his BTC mining and USDT stablecoin has been integrated into the digital payments platform Strike.

Tether’s CTO Paolo Ardoino said the company’s growth is a testament to “our battle-tested resilience and our industry-leading transparency practices in the face of market volatility.” rice field.

USDT still has concerns

Meanwhile, the collapse of stablecoins due to Terra’s algorithm, followed by the bankruptcies of several crypto companies last year, has led regulators to focus more on Tether.

Some media reports have highlighted the problem of its opaque reserves, and some hedge funds are betting on its potential collapse.

Most recently, former SEC official John Reed Stark described the company as a “giant house of cards” and urged regulators to ban it. According to Stark, stablecoin issuers operate in a regulatory vacuum, and quarterly certifications cannot replace audits, he added.

Tether’s success is all the more notable given the regulatory turmoil it has battled with major rivals such as Binance USD (BUSD) and USD Coin (USDC).

However, Tether has consistently insisted it has no exposure to failed cryptocurrency companies and touted its own business practices.

An article about Tether’s USDT hitting new all-time highs despite regulatory concerns first appeared on CryptoSlate.

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