Tether Potential May Explode In The Next Bull Run Of Crypto Market

Key Points:

• Tether advisor envisions stablecoins driving a trillion-dollar market, citing Tether’s journey from $100 million in 2017 to nearly $100 billion reserves today.
• USDT stands strong in 2023’s bear market, adding $4 billion in reserves and securing Tether potential as the largest stablecoin with a 37% YTD market cap increase to $91 billion.
• The company eyes a promising 2024, poised for growth in a bullish market.

In a recent statement on the X platform, Gabor Gurbacs, a Tether advisor, highlighted the transformative potential of stablecoins, envisioning them as the catalyst for the next trillion-dollar market.

Read more: Tether Market Cap Reached $91 Billion

Tether Potential: Resilience Amidst 2023’s Bear Market

Gurbacs, who accurately predicted Tether‘s ascent from below $100 million in 2017 to nearing $100 billion in reserves today, foresees the next five years as pivotal for the stablecoin.

Amidst 2023’s bear market challenges, USDT has demonstrated remarkable resilience, solidifying its position as the largest and most popular stablecoin. Tether potential was further underscored as it added approximately $4 billion in excess reserves to its consolidated reserves, navigating the volatile digital currency landscape.

USDT’s market capitalization has surged by 37% year-to-date, reaching $91 billion, as investors reaffirm their trust in the stablecoin amidst uncertainties affecting other stablecoins. Notably, USDT maintained its value at $1, distinguishing itself from peers like USD Coin (USDC) and DAI, which experienced significant depegs this year.

Looking ahead to 2024, Tether potential appears monumental, particularly if the market regains a bullish trajectory. Concurrently, other stablecoin players are expanding their reach, as exemplified by Paxos, a leading stablecoin issuer, securing regulatory approval to launch its products on the Solana blockchain on January 17, 2024.