Tether has surpassed its all-time highest market capitalization of $83.2 billion, set in May 2022.
“Today’s numbers demonstrate that people want access to financial freedom, and when given that access, they will use it,” said Paolo Ardoino, CTO of Tether.
“Tether tokens provide a safe haven for the unbanked and allow people in emerging markets to maintain their purchasing power even as their national currency is being devalued. Between our battle-tested resilience in the face of market volatility and our industry-leading transparency practices, Tether has proven it can be trusted, and customers are responding in kind. We look forward to continuing to maintain our focus on emerging markets and will not waver in our efforts to expand access to financial freedom around the world.”
Tether has solidified its position as the leading stablecoin and a pioneer in financial freedom and innovation. Since its inception in October 2014, Tether’s stablecoin USD₮ has become the most traded cryptocurrency, outperforming all rival offerings combined.
Tether combines the benefits of digital currency, such as instant global transactions, with the stability of traditional currency. With a commitment to transparency and compliance, Tether offers a fast and cost-effective way to transact money.
Tether’s recent attestation further demonstrates its commitment to transparency and highlights its work in emerging markets as a safe haven against volatile markets. Furthermore, Tether’s Q1 performance was remarkable, posting a net profit of $1.48 billion, which significantly bolstered its reserves.
With approximately 85% of its holdings in cash, cash equivalents and other short-term deposits, along with a 20% increase in quarter-to-quarter token supply and around 2.5 billion in excess reserves (in addition to minimum reserves of 100%), Tether has unquestionably established itself as a credible entity with an extremely bullish year ahead.
Tether remains committed to bringing financial freedom and innovation to users around the world, especially in emerging markets. As a trusted stablecoin, Tether continues to lead the way in terms of transparency, resilience and accessibility to secure and stable digital currency.