According to Coincu, Tether (USDT) has reached a new high in market capitalization, surpassing $91 billion, further solidifying its dominance as the largest stablecoin. The company has witnessed consistent growth throughout the last quarter, reinforcing its position in the cryptocurrency market.
Paolo Ardoino, the CEO of Tether, summarized the company's achievements in 2023, highlighting their active engagement in the cryptocurrency space. Tether recently minted an additional 1 billion USDT for future Ethereum network transactions, aiming to uphold market capitalization stability amid ongoing regulatory scrutiny. The company has also been involved in mining activities and injected 5 billion USDT into circulation during October and November, contributing to the cryptocurrency market's robust recovery.
Tether established a surplus fund exceeding $4 billion, derived from profits in its US Treasury bond investments. This fund acts as a buffer to ensure USDT's stability is above 100%. The company has diversified its investments further, allocating profits to Bitcoin and gold, with values reaching $1.6 billion and $3.1 billion, respectively, as of September. Ardoino hinted at upcoming announcements, revealing plans for numerous investments and new products, setting the stage for an eagerly anticipated 2024. The company's strategic moves, coupled with its impressive Tether market cap, underscore its pivotal role in meeting the growing demand within the cryptocurrency industry.