Despite a shrinking stablecoin market, Tether's USDT has regained its previous all-time high market capitalization, reaching $83.2 billion on Thursday. This milestone is significant as it runs counter to a 14-month stablecoin market decline.
Tether has greatly benefited from the recent woes of its closest rivals, USDC and BUSD. While Tether has been criticized for lack of transparency about its reserve assets, stablecoin holders have flocked to USDT during this turbulent period due to its perceived safety from U.S. regulators and banks.
USDT's growing use for payments predominantly in the developing world also contributes to its market cap surge.
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