Tether market cap hits record $119B: What’s driving the surge?

Over the past year, stablecoins have experienced exponential growth. The stablecoin market cap has recently hit a historical high of $172.151 billion.Amidst stablecoin’s market growth, Tether’s USDT is leading the way recording a sustained growth. In fact, Tether has reached a new all-time high in market cap.As of this writing, Tether’s market cap was $119.14 billion. This marked a 40.68% growth over the past year. During this period, Tether’s market cap has surged from $84.

This suggests that various individuals, institutions, and retail traders prefer USDT over other stablecoins. Such favorability among users has positioned Tether for more growth.Additionally, although the stablecoin market is diverse with multiple coins, USDT has stood out as a trading pairs. This is illustrated by a higher dominance over other stablecoins.

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Source: CryptoAmb - 🏆 22. / 68 Read more »