Tether's USDT stablecoin is approaching its all-time high market capitalization of $84 billion, which it set in May 2022. This comes as the value of Circle's USDC has fallen due to regulatory troubles and concerns over reserves being trapped in Silicon Valley Bank. Tether attributed its recovery to increased demand brought on by investor confidence in its "solvency." The leading stablecoin's value is almost three times higher than that of Circle’s USDC, its largest rival. Tether plans to divert up to 15% of profits into Bitcoin purchases as part of a "stability" push.
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Tether's market capitalization is close to $84 billion, nearly three times the value of its competitor USDC
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