January 24, 2024

Tether (USDT) Approaches $100 Billion Market Cap, Surges by Over $10 Billion in Three-Month Span

Stablecoin issuer Tether (USDT) is on the brink of reaching a $100 billion market cap, having witnessed a remarkable increase of approximately $10 billion over the past three months.

Recent data reveals a substantial growth in USDT's total market cap, escalating from $84 billion on October 15th to surpass $95 billion by January 24th.

In response to allegations from a United Nations (UN)-affiliated agency accusing USDT of being frequently exploited for money laundering and fraud in certain Asian regions, the stablecoin issuer defended itself last week.

The United Nations Office on Drugs and Crime (UNODC) published a report asserting that wrongdoers in East and Southeast Asia prefer using USDT on the Tron (TRX) blockchain due to Tether's purported better anonymity, lower fees, and increased stability.

Contrary to these claims, Tether refutes the accusations, asserting that deploying USDT for illicit purposes is challenging, given its collaboration with various law enforcement agencies for transaction tracking and monitoring.

Tether continues its substantial accumulation of bitcoin, bolstering its reserves of the flagship digital asset to $2.65 billion.

Tether held a mere $1.6 billion worth of bitcoin in August, ranking as the 11th-largest BTC-holding entity globally at that time.

Presently, Tether's bitcoin holdings stand at around 66,450 BTC, as reported by Bitcointreasuries.org.

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