The leading stablecoin Tether (USDT) has restored its capitalization to the maximum values that it reached at the beginning of last year in May at around $83.2 billion, reports RBC Crypto.
The USD-pegged token lost about $18 billion in market value last year as the asset’s capitalization began to fall after the May crash of algorithmic competitor TerraUSD (UST). The minimum was shown after the bankruptcy of the FTX exchange in November – $ 65 billion. In almost six months, Tether recovered.
The recovery of USDT capitalization testifies to the dominant role of the token in the cryptocurrency market as a means of conducting transactions and storage. Last February, Tether’s share of the stablecoin market exceeded 51% for the first time since May last year. On June 1, it is already 66%, according to data CoinGecko.
In mid-May, Tether announced a change in investment strategy and a decision to increase the share of bitcoin in providing reserves for its tokens. The company said it would spend up to 15% of its realized operating profit on the purchase of the first cryptocurrency.
At the end of May, Tether announced that it was expanding its operations, investing in the production of green electricity in Uruguay, and will be mining bitcoin there.
Source: Cryptocurrency
I am an experienced journalist and writer with a career in the news industry. My focus is on covering Top News stories for World Stock Market, where I provide comprehensive analysis and commentary on markets around the world. I have expertise in writing both long-form articles and shorter pieces that deliver timely, relevant updates to readers.
.jpg "All the sport that can be seen in this summer: here is the programming of Sky from engines to tennis")
