Tether, the leading company behind tether.to, a blockchain-powered platform that drives the first and extensively utilized stablecoin, has achieved a remarkable feat. Surpassing its previous all-time high market cap of $83.2 billion, which was established in May 2022, Tether’s USD₮ reinforces its position as the foremost stablecoin and trailblazer in financial freedom and innovation.
Since its inception in October 2014, Tether’s USD₮ stablecoin has emerged as the dominant force in the cryptocurrency market, surpassing the combined trading volume of all competing offerings. Tether seamlessly merges the advantages of digital currency, such as instantaneous global transactions, with the stability traditionally associated with fiat currencies. With a steadfast dedication to transparency and compliance, Tether offers a swift and cost-effective means of conducting financial transactions.
Talking about this significant milestone, Paolo Ardoino, CTO of Tether, said: “Today’s numbers demonstrate 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 keep their buying power, even when their national currency is being devalued.”
Expanding Access to Financial Freedom Globally
Tether’s recent attestation serves as a testament to its unwavering commitment to transparency, showcasing its efforts to provide a secure alternative amidst volatile markets, particularly in emerging economies. Additionally, Tether’s exceptional performance in the first quarter is worth noting, as it reported an impressive net profit of $1.48 billion, significantly strengthening its reserves.
With an allocation of approximately 85% of its investments in cash, cash equivalents, and other short-term deposits, coupled with a substantial 20% increase in token supply quarter over quarter and a surplus of ~2.5 billion in reserves (in addition to the mandatory 100% minimum reserves), Tether has firmly established itself as a reliable entity poised for an exceedingly promising year ahead.
Tether’s steadfast dedication to delivering financial freedom and fostering innovation knows no bounds, extending its reach to users across the globe, particularly in emerging markets. As a renowned stablecoin, Tether’s USD₮ continues to set the standard for transparency, resilience, and inclusivity in the realm of secure and stable digital currency. With an unwavering commitment to these principles, USD₮ empowers individuals worldwide to access and utilize a reliable and secure financial ecosystem.
