Tether Reaches All-Time-High Market Cap

After starting the year with around $66 billion, the market capitalization of the world's largest stablecoin is now approaching the $84 billion threshold.

In May, Tether Holdings Ltd. released its quarterly assurance report, revealing a net profit of nearly $1.5 billion for Q1 2023, recording an all-time high excess reserve of $2.44 billion

Now analysts expect that Tether will most likely see an increase in income in Q2 of this year, as the amount of USDT in circulation continues to see growth. 

This means that Tether, the collateralized digital asset backed by the company's assets and reserves, is dominating the stablecoin industry, as evidenced by its all-time high market capitalization.

Tether's market capitalization surged year-to-date by approximately 30% to $83.80 billion from $66.23 billion on January 1, with Tether dominating the stablecoinmarket with market share as high as 68%. 

The company is using its moment in the sun to preach the virtues of the cryptocurrency industry. Upon releasing its results, Tether said that as a pioneer in the crypto industry, it recognized the potential of cryptocurrencies to empower cities and facilitate peer-to-peer technology solutions.

The company went on to pledge that it would do its part to decentralize ownership and foster long-term development focussed on people. The company wants to usher in a new era of sustainable growth by consistently addressing financial inequality through borderless remittances.