CryptoNews

Tether’s Market Cap Soars by Over 35% to $90 Billion in 2023, Nearing Top 100 Global Assets

Tether, the leading stablecoin by market capitalization, has seen its supply increase by 5.5% in the last month, achieving a significant market valuation of $90 billion.

Since 2015, Tether’s Market Cap Has Swelled by 35,912,812%

Since the dawn of 2023, tether (USDT) has experienced substantial growth. Starting the year with a market value of $66.3 billion on January 1, 2023, it has surged to $90 billion in 340 days. This expansion represents more than a 35% increase, adding $23.7 billion to USDT’s market capitalization since the year’s commencement.

Tether’s market capitalization now represents 5.369% of the total $1.68 trillion crypto economy. Not only does tether hold the third position among over 10,000 digital currencies in terms of market valuation, but it also leads in daily trading volume with $23 billion. USDT’s principal trading pairs involve major fiat currencies such as the USD, EUR, TRY, MXN, and THB.

While year-to-date data indicates a more than 35% rise in USDT’s market cap, 5.5% of this upswing occurred in the preceding month. According to Tether’s transparency page, of the $90 billion total, the Tron network accounts for $47.82 billion and Ethereum for $41.01 billion, with the remainder distributed across various other blockchain platforms.

Looking back to March 16, 2015, USDT’s market value was a modest $251,000. Over eight years, the coin’s market cap has soared by a massive 35,912,812%. Tether’s aggregate market valuation is on the brink of entering the world’s top 100 assets, including exchange-traded funds (ETFs) and companies, in terms of market capitalization. In order to achieve this feat, USDT will need a market cap of more than $130 billion.

What do you think about the stablecoin tether and its market cap growing to $90 billion? Share your thoughts and opinions about this subject in the comments section below.

Source: Bitcoin

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