Tether Market Cap Reached $91 Billion

Key Points:

• Tether market cap hits a new high of $91 billion, solidifying its position as the leading stablecoin.
• CEO Paolo Ardoino outlines key initiatives, including minting 1 billion USDT and creating a $4 billion surplus fund from US Treasury bond profits.
• Tether diversifies into Bitcoin and gold, with values at $1.6 billion and $3.1 billion, respectively, while hinting at exciting plans for 2024.

In a continuous surge, Tether (USDT) has solidified its dominance as the largest stablecoin, marking a new high in market capitalization, surpassing $91 billion.

Read more: Tether’s Ambitious Goals for Bitcoin Mining Operations

Tether Market Cap Surpasses $91 Billion: A Record Achievement

Tether market cap has witnessed consistent growth throughout the last quarter, reinforcing its position in the cryptocurrency market.

Paolo Ardoino, the CEO of Tether, took to X (Twitter) to summarize the company’s achievements in 2023, highlighting their active engagement in the cryptocurrency space. The company recently minted an additional 1 billion USDT for future Ethereum network transactions, aiming to uphold market capitalization stability amid ongoing regulatory scrutiny.

Tether’s recent activities include the purchase of Bitcoin for reserves, involvement in mining activities, and injecting 5 billion USDT into circulation during October and November, contributing to the cryptocurrency market’s robust recovery.

Notably, the company established a surplus fund exceeding $4 billion, derived from profits in Tether’s US Treasury bond investments. This fund acts as a buffer to ensure USDT’s stability is above 100%. Tether has diversified its investments further, allocating profits to Bitcoin and gold, with values reaching $1.6 billion and $3.1 billion, respectively, as of September.

Ardoino hinted at upcoming announcements, revealing plans for numerous investments and new products, setting the stage for an eagerly anticipated 2024. The company’s strategic moves, coupled with its impressive Tether market cap, underscore its pivotal role in meeting the growing demand within the cryptocurrency industry.