Main navigation

Tether Successfully Recovers $20 Billlion in Losses, Here's How

Thu, 06/01/2023 - 11:04
article image
Arman Shirinyan
Tether's dominance on stablecoin market is growing
Tether Successfully Recovers $20 Billlion in Losses, Here's How
Cover image via

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Read U.TODAY on
Google News

Tether (USDT), the most widely adopted stablecoin, has demonstrated an impressive resurgence, surpassing its previous all-time market cap high of $83.2 billion recorded in May 2022. The recovery is not only a testament to Tether's resilience but also showcases the burgeoning demand for financial freedom among users worldwide.

Tether's Chief Technology Officer Paolo Ardoino ascribes this success to the compelling value proposition of Tether tokens. In an era marked by economic uncertainties, USDT provides a stable digital haven for the unbanked, protecting their purchasing power against national currency devaluation.

Tether's robust performance, even amid fluctuating market conditions, coupled with industry-leading transparency practices, has fostered trust among customers, prompting a favorable response.

Tether USDT Stablecoin on Polkadot Now Live on Binance: Details

Born in October 2014, Tether introduced the concept of marrying digital currency's speed and global reach with traditional currency's stability. Since its inception, USDT has become the most traded cryptocurrency, surpassing the combined volumes of its competitors. Upholding a strong commitment to transparency and compliance, Tether has made monetary transactions swift and affordable.

The company's recent attestation further emphasizes this commitment, spotlighting Tether's strides in providing a stable alternative in volatile markets, particularly in emerging economies. With a remarkable Q1 performance, Tether reported a net profit of $1.48 billion, significantly bolstering its reserves and fortifying its financial stability.

Tether's judicious management of its assets has been instrumental in this recovery. With approximately 85% of its holdings in cash, cash equivalents and short-term deposits, it exhibits a robust asset base. The company has also noted a 20% quarter-over-quarter surge in token supply, and an impressive $2.5 billion in excess reserves (over the 100% minimum reserve), cementing Tether's credibility.

article image
About the author

Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.

Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.