USDT, the market-leading stablecoin in the cryptocurrency ecosystem, has seen significant growth in its market value recently. The market value of USDT surpassed $83.2 billion in the early hours of the day, reaching an all-time high. Comments on the issue came from many prominent figures, including Tether CTO Paolo Ardoino and Binance CEO Changpeng Zhao.
New Record in USDT’s Market Value
Numerous developments recently caused a significant loss for Binance USD (BUSD) and USDC. Their market value rapidly declined due to successive events, the loss these two stable cryptocurrencies experienced significantly impacted the steady growth of USDT in recent months.
Tether, the issuer of USDT, faced various accusations in the past years, including not having sufficient cash reserves and lacking transparent management. Despite facing a slew of criticisms and regulatory scrutiny, Tether continues to register significant market value increases, buoyed partly by the recent loss suffered by BUSD and USDC.
Reached an All-Time High of $83.2 Billion
According to CoinMarketCap (CMC) data, USDT‘s market value exceeded $83.2 billion during the day, marking an all-time high.
Tether CTO Paolo Ardoino noted the new record in USDT’s market value on his Twitter account, stating, “we will continue to expand our ecosystem.”
Binance CEO Changpeng Zhao also commented on the matter. In his post, he indirectly referenced a previous order from New York regulators to halt BUSD issuance, stating: “BUSD, a fully regulated stablecoin, was ‘limited’ by NYDFS to $23 billion (no new printing). Now it’s at a market value of $5 billion. USDT has seen incredible growth since then.”
While the significant loss in BUSD and USDC is largely seen as the cause of this increase in USDT’s market value, USDT’s continued growth despite the current market situation raises many questions. With the continuation of its increase in market value recently, suspicions about Tether continuing to print USDT without backing have begun to strengthen over time.
