Tether’s Market Capitalization Hits Record High as Stablecoin Regains Lost Value

Prominent stablecoin issuer in the market Tether has reached a new turning point as its market capitalization surpassed $ 83 .2 billion . This accomplishment followed Tether successfully compensating the $ 20 billion it lost in market value during the collapse of the rival stablecoin TerraUSD . Tether’s stablecoin is backed by cash and cash equal reserves and maintains a one-to-one peg with the US dollar . According to Tether’s TO Paolo Ardoino the success of stablecoins is due to people’s desire for financial independence and their confidence in Tether’s business practices .

Tether’s Resurgence during Crypto Market Instability

The past year we witnessed a significant market volatility in the crypto market which caused many stablecoins including Tether to experience a decline in their market capitalization . However Tether’s durability has allowed it to recover the value it lost and showed its reliability compared to other stablecoins .
Though Tether has reached new heights the USD Coin which is the second largest stablecoin has seen a significant decrease in its market capitalization . It currently stands at around $ 29 billion compared to its all-time high of $ 56 billion .

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