📈 Tether (USDT) Achieves New Milestone: Market Cap Surpasses $125 Billion
Tether (USDT) has made headlines with an impressive market capitalization exceeding $125 billion, solidifying its position as the leading stablecoin in the digital currency realm. This year, the robust performance of various cryptocurrencies has also positively impacted other stablecoins like USD Coin (USDC), albeit with a different market trajectory. While Tether sets records, USD Coin’s growth has faced challenges, resulting in a decrease in its market cap.
Tether’s Remarkable Growth in Market Capitalization 🪙
The latest achievement of Tether (USDT) highlights its growing significance within the crypto landscape. Today, the market capitalization reached a milestone above $125 billion, a testament to its ongoing momentum.
Paolo Ardoino, Tether’s CEO, expressed pride over this accomplishment in a post on social media, celebrating this important moment for the company. The surge in USDT’s market cap initiated on November 6, 2024, coinciding with Donald Trump’s victory in the USA 2024 presidential elections.
From November 6 onwards, USDT’s market cap progressed consistently, moving from $120 billion on November 6 to $121 billion by November 7, then climbing to $122 billion on November 8 and reaching $123 billion on November 9. By November 12, USDT achieved a record market cap of over $124 billion within a 24-hour period.
This growth signifies a remarkable increase of more than $4 billion in market capitalization within just a week!
🔍 Tether’s Noteworthy Financial Performance in 2024
The newly established market cap record for USDT coincides with significant financial milestones achieved by Tether during the third quarter of 2024. Recent reports reveal that Tether recorded unprecedented profits of approximately $7.7 billion over the first nine months of this year.
This translates into an astonishing quarterly net profit of about $2.5 billion, which positively impacts the overall financial health of the organization. Tether has also seen an increase in its net assets, rising to $14.2 billion, along with total consolidated assets now standing at $134.4 billion.
Furthermore, Tether continues to explore diversified investment opportunities. Recently, the company made headlines within global commercial finance by completing its initial crude oil transaction in the Middle East, successfully financing the load and transportation of 670,000 barrels valued at $45 million.
📉 USD Coin (USDC): A Different Story in the Crypto Market
In examining the landscape of stablecoins, USD Coin (USDC) has also experienced growth amid the ongoing crypto rally, but with notable contrast when compared to Tether (USDT).
From November 6, USDC’s market cap began to rise, but it has subsequently experienced a downturn starting November 9, continuing to decrease into the current time. As it stands, the market cap for USD Coin is currently recorded at $36.51 billion.
It’s essential to note that this figure does not mark a new height for USDC; its all-time peak occurred in September 2022, when the market cap reached $55.8 billion.
This year, while Tether thrives, USD Coin is navigating through a cycle of contraction, reflecting the dynamic nature of the stablecoin market.
🔗 Conclusion
In summary, Tether (USDT) has undoubtedly solidified its position as a dominant player in the cryptocurrency market by achieving a market cap exceeding $125 billion. Meanwhile, USD Coin (USDC) has faced challenges, highlighting the competitive landscape of stablecoins. The developments surrounding both stablecoins underscore the ever-evolving nature of the crypto market and the impact of broader economic events on digital currencies.
Sources:
Twitter
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