Tether (USDt) saw its market cap top $60 billion as crypto investors sought a safe haven during the most recent crypto crash. Currently, Tether is hovering below $60 billion as crypto markets appear to be recovering and Bitcoin has bounced by over 15% in the last day.
In a public comment, Paolo Ardoino, CTO at Tether, said:
“In the past few days, we’ve seen enormous volatility in the crypto markets. While it’s not new for those of us who have seen several of these market cycles come and go, it did come as a shock to many of the newer entrants as billions of dollars worth of positions were liquidated throughout the weekend. During these extreme episodes, we’ve historically seen an uptick in stablecoin activity, made evident by Tether’s recent US$60 billion milestone as demand continues to grow. Events like these even support the ecosystem’s strength and help everyone refocus back to building rather than the distraction of token price gains.”
Gabor Gurbacs, Director of Digital Asset Strategy at VanEck, added that he is “impressed by Tether’s efforts to provide more transparency about their reserves as well as their ongoing collaborative work with major institutions and regulators.”
Tether reports that institutional and corporate usage is the bulk of its usage with $39 billion added since the beginning of 2021.
Ardoino predicted that by the end of the decade the nature of money will be very different:
“The unprecedented success of Tether will in no small way be responsible for this journey.”