Tether (USDT) has emerged as a beacon of stability and confidence, defying regulatory adversities and reaching a historic milestone by surpassing a market capitalization of $90 billion, according to official data from CoinMarketCap.
This significant achievement, recorded on December 6, marks an impressive 6% increase over the past month and a staggering 35% growth so far this year, from its modest starting point of $66.24 billion.
This rise, despite regulatory tensions in the cryptocurrency world, reflects renewed faith in the digital asset market.
The increase in USDT’s market capitalization is not only an indicator of its ability to navigate market volatility, but also a reflection of the confidence that investors are once again placing in this stablecoin.
USDT success is not an isolated phenomenon
While others like USDC have seen declines in supply, Tether on Ethereum has expanded its presence in smart contracts, growing from $4 billion to more than $6 billion over the course of the year.
Furthermore, Tether on the Tron network has shown steady growth, with approximately 40,000 addresses holding more than $100,000 worth of the cryptocurrency.
This increase is attributed to the transaction cost advantages offered by the Tron network, which is especially attractive in emerging economies in Latin America, Africa and Asia.
The growing relevance of stablecoins is also reflected in the increase in the volume of spot operations.
USDT has led this increase, reaching $18.8 billion on November 15, ranking second after major events such as the collapse of Terra, FTX, and SVB.
In turn, USDC has seen an increase in volume, reaching an all-time high of $2.5 billion in November.