Good day everyone,

I hope you are all well and had an excellent weekend, welcome to CryptoGod-1’s blog on all things crypto. This post will look at the recent achievement of Tether (USDT) in reaching a $100 Billion Market Cap.

$100 Billion Market Cap

The world's most popular stable-coin USDT  has reached another milestone by surpassing a market capitalization of $100 billion as noted on the 4th of March 2024. It briefly reached this milestone of $100 billion mark as it showed an impressive growth of 9% year-to-date. The marketcap value reached $100,244,347 at 08:15 GMT according to Coin Gecko.

USDT maintains its lead over its closest competitor, USD Coin (USDC), with more than $71 billion more in terms of market cap. USDC is issued by Circle and has also experienced growth this year. 

With that milestone reached for Tether it has now put itself on par with British oil and gas giant BP and slightly above e-commerce titan Shopify, This represents the huge role Tether plays in the cryptocurrency market. The stablecoin is pegged to the value of the United States dollar and is available across 14 different blockchains, according to the official Tether website. 

In terms of overall cryptocurrency by market capitalisation, Tether sits in third position trailing only Bitcoin and Ether, with BNB and Solana making up the top five.

With many crypto users seeking stability within the volatile market the option of USDT has become crucial for users, especially given its role as across multiple blockchains. With the crypto market now exceeding a market cap of $2 trillion. The biggest beneficiary of this has been Bitcoin, which witnessed a growth from $46,000 on the 1st of January 2024 to around $68,000 on the 4th of March 2024. 

Despite the growth in the industry, Tether has continued to face questions over the legitimacy of the assets backing up their USDT token. Tether has taken steps to reduce exposure to higher-risk assets and back in late 2022 they pledged to cease lending funds from its reserves by the end of 2023. As of yet this has not been achieved, with $4.8 billion in loans still on Tethers books by the end of 2023. They plan to eliminate these loans entirely in 2024.

There have also been concerns over claims that over 50% of the currently issued USDT is based on the Tron blockchain. This blockchain has been associated with popularity among cyber fraud and money laundering activities in Southeast Asia according to a recent United Nations Office on Drugs and Crime report. Tether has refuted these claims and also noted how they have collaborated with law enforcement and the traceability of its token.

Have a great day.

Peace. CryptoGod-1.

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