Tether’s stablecoin (USDT) market capitalization hit $81.5 billion on Thursday, marking its highest point since Terra collapse in May 2022. It is currently $2 billion away from the asset’s all-time high of $83.4 billion, set on May 1 last year.
The company has minted $15 billion in new USDT since the start of 2023, seemingly in tandem with a nearly 15% rise in the stablecoin’s market share. This rise was partially due to its nearest rivals — Circle’s USD Coin (USDC) and Paxos-issued Binance USD (BUSD) — seeing a disproportionate amount of their on-chain value redeemed for dollars following separate conflicts.
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