1 June, 2023 – Tether, the company operating the blockchain-enabled platform tether.to that powers the first and most widely used stablecoin, has surpassed its previous all-time market cap high of $83.2B set in May 2022.
“Today’s numbers demonstrate that people want access to financial freedom, and when given that access, they will make use of it,” said Paolo Ardoino, CTO of Tether. “Tether tokens offer a safe harbor for the unbanked and allow people in emerging markets to keep their buying power, even when their national currency is being devalued. Between our battle-tested resilience in the face of market volatility and our industry-leading transparency practices, Tether has proven that it can be trusted, and customers are responding in kind. We are eager to continue maintaining our laser focus on emerging markets and will not waver in our efforts to expand access to financial freedom globally.”
Tether has solidified its position as the preeminent stablecoin and pioneer for financial freedom and innovation. Since its creation in October 2014, Tether's USD₮ stablecoin has become the most traded cryptocurrency, surpassing all rival offerings together. Tether combines the benefits of digital currency, such as instant global transactions, with the stability of traditional currency. With a commitment to transparency and compliance, Tether provides a fast and low-cost way to transact with money.
Tether's recent attestation further demonstrates its commitment to transparency and highlights its work in emerging markets as a safe haven from volatile markets. Moreover, Tether's Q1 performance has been remarkable, reporting a net profit of $1.48B, which has significantly bolstered its reserves. With approximately 85% of its investments in cash, cash equivalents, and other short-term deposits, along with a 20% increase in token supply quarter over quarter and ~2.5B in excess reserves (on top of the 100% minimum reserves), Tether has unquestionably established itself as a trustworthy entity with an extremely optimistic year ahead.
Tether remains committed to providing financial freedom and innovation to users worldwide, particularly in emerging markets. As a trusted stablecoin, Tether continues to lead the way in transparency, resilience, and accessibility to secure and stable digital currency.
Driving the Future of Money
Tether supports and empowers growing ventures and innovation throughout the blockchain as a digital token built on multiple blockchains.