• Tether’s USDT reached an all-time high market cap of $83 billion, surpassing its previous record.
• The stablecoin also announced plans to start mining BTC and partner with a licensed mining company.
• Its success could be attributed to regulatory upheaval that had affected its major rivals like Binance USD and USD Coin.
USDT Reaches New Market Cap Milestone
Tether’s cryptocurrency USDT recently surpassed $83 billion in market capitalization, setting a new all-time high for the token. This milestone was achieved as other stablecoins such as Binance USD [BUSD] and USDC struggled to maintain their market dominance. Tether is now the largest stablecoin by market cap, representing around 64% of the total stablecoin market supply.
Plans to Start Mining Bitcoin
In addition, Tether has also announced plans to start mining Bitcoin (BTC) in collaboration with a licensed mining company. This move is aimed at promoting sustainable BTC mining and further strengthening the position of USDT in the crypto ecosystem. Currently, 42.86 billion units of circulating supply are present on Tron while 33.37 billion units are on Ethereum blockchain network, showing great potential for growth in usage for both networks.
Regulatory Upheaval Affecting Rivals
The recent success of Tether might be partially attributed to regulatory upheaval that had hit its major competitors such as BUSD and USDC hard; BUSD has been capped by NYDFS at $23b whereas USDC’s market cap currently stands at just $5b compared to Tether’s $83b+. In response to this achievement, CEO Changpeng Zhao (CZ) stated that since then „USDT has seen tremendous growth“.
Concerns over Opaque Reserve System
Despite reaching such lofty heights, concerns have been raised about potential issues with Tether’s opaque reserve system due certain media reports which have highlighted these worries; however no concrete evidence has yet been found against it so far. Nevertheless, these reports will need proper investigation before any conclusions can be made regarding it’s credibility as a store of value or medium of exchange.
Overall, it appears that despite some controversy surrounding it’s reserve system – Tether’s ability to remain resilient during difficult times has allowed it become one of the most popular cryptocurrencies today and achieve remarkable milestones such as this new all-time high in terms of market capitalization. If it continues on this path then there’s no doubt that we’ll see more impressive feats from this digital asset in the future!