💸💸💸Tether reaches $150 billion in market capitalization🚀🚀🚀
Tether (USDT), the leading stablecoin pegged to the dollar, reached a market capitalization of $150 billion, consolidating its dominance in the crypto ecosystem.
With this figure, it positions itself as the largest fiat-backed asset by market capitalization. Its circulation continues to rise, driven by its strong presence on key blockchain networks like Ethereum and Tron. Despite competition from rivals like Circle's USDC, USDT continues to expand its market share.
Currently, there are 150.33 million USDT in circulation, according to the latest update on the firm's website. In its latest report, the company states that 81.49% of its reserves are in more liquid assets like cash and U.S. Treasury bills. Thus ensuring the 1:1 peg of Tether to the dollar.
As this note is being written, the crypto market has a value of $3.39 trillion, according to figures published by CoinMarketCap. This means that USDT alone represents 4.43% of the total. However, a deeper look indicates that the value of Tether and its importance among stablecoins is greater. Tether represents 61% of the entire stablecoin market.