New Record in Market Value for USDT, the Leading Stablecoin

5:10 pm (128 days ago)

July 29, 2023

Despite the significant decline in the stablecoin market since the beginning of 2023, USDT, the largest stablecoin in the crypto ecosystem in terms of market value, has set a new record. The market value of USDT has reached its all-time high, approaching $84 billion, according to current data.

New Record in Market Value for USDT

With the significant decline in market value and market share of BUSD and USDC in recent months, USDT has significantly increased its market share in the ecosystem. USDT, which is currently the largest stablecoin in the crypto ecosystem in terms of market value, has set a new record. The market value of USDT has reached its all-time high, approaching $84 billion, according to current data.

According to DeFi Pulse data, the market value of USDT has increased by over $480 million since the beginning of July, and USDT has significantly increased its market share during this period. However, despite the increase in the market value of USDT, the stablecoin market has experienced a significant decline in 2023, losing over $12.17 billion in value since the beginning of the year.

Tether in the Spotlight of Controversy

While the market value of USDT continues to reach new records after months of growth, Tether, the company that issues USDT, has faced various accusations and allegations for years. Allegations such as Tether not backing the printed USDT with sufficient cash reserves and lacking a transparent management approach have been raised during this period, leading to numerous accusations against the USDT issuer.

Although Tether has published various reports regarding audits, these ongoing concerns in the public have fueled the discussions. During this process, several regulators, including SEC officials, have made various statements regarding the issue.