USDT market capitalisation hits an all-time high

The total market capitalization of the Tether stablecoin (USDT) reached a new high of $83.4 billion.

Tether USD₮ Reaches All-Time High, Surpasses Previous Market Cap High of $83.2Bhttps://t.co/Vxs5fbDQ4j pic.twitter.com/YbxWBWjmwd

— Tether (@Tether_to) June 1, 2023

The previous all-time high for USDT market capitalization, at $83.2 billion, was set in May 2022.

“Today’s figures demonstrate people’s desire to gain access to financial freedom. […] Tether tokens offer a safe haven without access to banking services,” said Paolo Ardoino, the company’s CTO.

According to him, USDT also enables people in developing markets to preserve purchasing power even amid currency devaluation.

According to a press release, the Tether stablecoin strengthened its position in the segment and became the most traded ‘stablecoin,’ surpassing the combined metrics of peers.

In March doubled its nearest competitor USDC in market capitalization. The changes occurred amid temporary depeg of the latter.

Over the last year, USDC fell from 34.9% to 23.1%, while USDT’s share rose from 47% to 65.9%.

In May, Ardoino said that Tether was exploring new directions for its business on the back of high profitability.