USDT Market Cap Breaks $160 Billion Despite Tougher Stablecoin Rivalry
Main Idea
Tether's USDT stablecoin has surpassed a $160 billion market cap, driven by increased adoption and utility, particularly in developing countries, while maintaining dominance in the stablecoin market.
Key Points
1. USDT's market cap exceeded $160 billion, reflecting growing adoption and stablecoin demand.
2. Tether CEO Paolo Ardoino highlighted USDT's utility in developing nations, with over 400 million users and 35 million new wallets added per quarter.
3. USDT holds over $115 billion in US Treasuries, making Tether the 18th largest holder of US Treasuries.
4. USDT dominates the stablecoin market with a 65% share, followed by USD Circle at 26%.
5. The stablecoin serves as a bridge between centralized and crypto markets, reinforcing its widespread use.
Description
Tether USDT stablecoin has reached new highs following an uptick in crypto adoption and stablecoin frenzy.
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