USDT, the US dollar-pegged stablecoin issued by Tether, has just conquered a new all-time high for market capitalization.
The stablecoin issued by Tether surpassed $83.2 billion in market capitalization. In this way, it surpassed the previous historical maximum of capitalization that was in the US$ 83 billion and that happened in April 2022, as data from CoinMarketCap show.
Tether stablecoin CTO Paolo Ardoinosaid “Today’s numbers show that people want access to financial freedom and, when given that access, they will make use of it.”
“Tether tokens offer a safe harbor for the unbanked and allow people in emerging markets to maintain their purchasing power, even when their national currency is devaluing,” he added.
Parallel, Binance CEO Changpeng Zhao has warned that there has been a noticeable decline in the market share of rival stablecoin Binance USD, better known as BUSD.due to regulatory pressure.
In February, the New York Department of Financial Services (NYDFS) ordered Paxos, the issuing company of BUSD, to halt issuance after regulators warned that it may be violating federal securities law.
Since then, BUSD’s market capitalization has shrunk more than 70%, to around $5 billion.
Source: Ambito
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