Tether, the largest stablecoin in the market, has reached a new record high with a market capitalization exceeding $83.2 billion. The stablecoin, which is backed by reserves of cash and cash-equivalent assets, has recovered the $20 billion in market value it lost following the collapse of rival stablecoin TerraUSD last year. Tether has proven its resilience in the face of market volatility and its industry-leading transparency practices, which has resulted in customers trusting the stablecoin. Tether is used in more than 50% of all trades on centralized exchanges, and the company has recently announced plans to set up a Bitcoin mining operation in Uruguay using renewable energy.