Good news for Tether (USDT)
! The market cap of the stablecoin is currently at an all-time high of over $96 billion and continues to grow. At the beginning of 2024, Tether announced that the company achieved a record-breaking profit of $2.85 billion in the last quarter of 2023, breaking their all-time high market cap.
Tether distances itself from USDC
Meanwhile, Tether is steadily distancing itself from competitor USDC
. The market cap of USDC is currently only $27 billion, compared to Tether's $96 billion. This means that the market capitalization of USDC is three times less than that of Tether.
The other competitor BUSD is also facing difficulties. This is because they are not allowed to issue new tokens by the US government.
Everything is going smoothly for Tether at the moment. According to the latest data, the company has more than $5.4 billion in reserves. This gives them a strong foundation to withstand some setbacks. Additionally, the company only has 50 employees.
Success of Tether benefits Bitcoin
The success of Tether is also positive for Bitcoin (BTC)
. Tether uses 15% of its profits to buy Bitcoin. This results in significant amounts of Bitcoin being purchased by Tether every quarter.