The capitalization of Tether, the issuer of the stablecoin USDT, has reached a record and now stands at $83.2 billion, according to a company report dated June 1.

Tether CTO Paolo Ardoino believes that the company’s success is due to the fact that people want to access financial freedom.

“Tether offers a safe haven for those who do not have access to banking services, allowing people in developing countries to maintain their purchasing power even when their national currency devalues,” the top manager explained.

The USDT stablecoin is backed by real assets such as fiat currency and bonds, so it is always held at a stable 1:1 level against the US dollar, Tether assures.

The company’s report says that Tether’s performance in the first quarter of 2023 was generally very positive, with net income of $1.48 billion, which significantly increased its own reserves.

According to the latest certification of the USDT stablecoin issuer for February 2022, the company’s consolidated assets exceeded its consolidated liabilities by $140 million. In early May 2022, USDT’s capitalization set the previous record, amounting to $83 billion.

In March 2023, Paolo Ardoino revealed that the company had around $1.6 billion in excess reserves to support its stablecoin.