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Tether’s Market Value Rebounds Above $70 Billion but Remains Below Previous High

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It is reported that according to the latest data of Coingecko, the market value of the stable currency Tether has returned to above 70 billion US dollars, reac…

Tethers Market Value Rebounds Above $70 Billion but Remains Below Previous High

It is reported that according to the latest data of Coingecko, the market value of the stable currency Tether has returned to above 70 billion US dollars, reaching 70297423888 US dollars at the time of writing, but there is still a certain gap from the high point of more than 83 billion US dollars created in 2022. CZ, the founder of Coinan, said on social media that the majority of the market value of USD 2.45 billion lost by BUSD was transferred to USDT.

The market value of stable currency Tether returned to above $70 billion

Interpretation of the news:


Tether’s market value has rebounded above $70 billion, according to the latest data of Coingecko. At the time of writing, Tether’s market value reached $70,297,423,888, which is still below the previous high of over $83 billion created in 2022. While Tether’s market value has been increasing, BUSD has suffered a loss in market value, with the majority of its $2.45 billion being transferred to USDT.

The resurgence of Tether’s market value after its recent slump can be attributed to several factors. Firstly, Tether’s position as the world’s dominant stable currency has given it a certain level of stability and credibility in the market. This has made it the go-to stable currency for traders and investors looking to hedge against market volatility, especially during market downturns.

Secondly, Tether has been expanding its use cases and partnerships, which has helped to increase its adoption and demand. For instance, earlier this year, Tether revealed that it had partnered with Solana, a high-speed blockchain network that is gaining traction among developers and users. This partnership has enabled users to transact USDT on the Solana network with faster transaction times and at lower fees.

Thirdly, Tether has been proactive in addressing the concerns around its transparency and liquidity. In February, Tether released an attestation report by Moore Cayman, a leading accounting firm, which confirmed that Tether’s reserves fully back the value of its stablecoins. This move helped to allay some of the doubts about Tether’s transparency and helped to boost investors’ confidence in the stable currency.

In conclusion, the rebound in Tether’s market value is a testament to the resilience of the stable currency in the face of market volatility and regulatory scrutiny. While Tether’s market value is currently below its previous high, its expanding use cases, partnerships, and proactive approach in addressing investors’ concerns indicate that it is well-positioned to maintain its dominance as the world’s leading stable currency.

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