Tether’s USDT has crossed another important milestone in Market capitalization The value of the stablecoin has surpassed $115 billion. This achievement is evidence of the fact that stablecoins have tremendous market appeal, especially during periods of high volatility when users rush to safer crypto assets.
USDT has become an indispensable part of the digital asset ecosystem, having a general use for trading and an outlet for investors during times of market uncertainty.
Source: IntoTheBlock
Flexibility in the cryptocurrency market
Cryptocurrencies Cryptocurrencies have shown excellent market resilience recently, with Bitcoin and Ethereum being the two largest currencies in the market. Currently, Bitcoin accounts for about 54.4% of the market, while Ethereum accounts for about 17.8%.
The combined market for all these digital assets is estimated at $2.11 trillion, with USDT ranking third among digital assets. This kind of increase shows the growing importance of Tether as well as the confidence that traders and investors have in it. Stable currency.
Tether CEO Paolo Ardoino was proud of the milestone. He was quoted as saying that USDT has moved forward from where it started. To put a measure of how big this asset class has become, it managed to make a net profit of $5.2 billion in the first half, which it did with far less manpower than major exchanges like Coinbase and Binance. All thanks to a well-thought-out strategic investment portfolio as well as adapting to the rapidly changing norms of digital finance.
115
– Paolo Ardoino 🤖🍐 (@paoloardoino) August 8, 2024
Expansion and Compliance
Building on recent success, Tether has outlined the Expanding the workforce To 200 employees by mid-2025. The increase in staffing is aimed at providing better compliance with regulatory provisions and enhancing operational efficiency.
According to Arduino, the staff increase will be done through a lean structure, although some staff will be brought in to finance and compliance. The company is also working on creating some advanced tools to track illicit activity using USDT to prove it is transparent and follows regulations.
Tether has been criticized for the potential use of its stablecoin for illicit activities. The company has decided to voluntarily go ahead and freeze 50 million USDT that were directly linked to transactions that were labeled as suspicious.
In an effort to bring more transparency and security, Tether has also partnered with blockchain data protection firm Chainalysis. The goal is to develop secondary market protocols that will make monitoring possible. This effort will further Tether’s fight against all forms of fraud and scammers, ensuring a secure platform.
1.3 b $USDT Transferred from #Tether_Cabinet To the stock exchanges since the market crash on August 5th! pic.twitter.com/BYtMqgVRyZ
— Luke Chain (@lookonchain) August 9, 2024
USDT: Innovation and Investments
Looking ahead, Tether is strongly committed to market growth and innovation, including investing over $2 billion in various startups over the past two years in areas such as artificial intelligence and communications.
Meanwhile, amid a larger boom in the cryptocurrency market, blockchain specialist Lookonchain noted that $1.3 billion USDT has been transferred to centralized exchanges including Kraken, OKX, and Coinbase.
Ardoino noted that Tether’s self-investment is likely to continue this aggressive trend of pushing emerging technologies and new trends in the digital landscape. This proactive approach not only cements Tether’s position as a leader in the stablecoin market, but also ensures its place as a major player in the rest of the crypto ecosystem.
Featured image by Pexels, chart by TradingView
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