Tether sets new all-time high amid increased demand for financial freedom | Invezz

Tether has surpassed its previous all-time market cap high of $83.2B set in May 2022. Tether’s fortunes are pegged on the performance of its first stablecoin, the USDT which is currently the most used stablecoin around the world.

Tether has launched several other stablecoins besides the popular USDT, which is pegged to the US dollar. The other stablecoins include the CNHT pegged to the Chinese Yuan, EURT pegged to the Euro, and XAUT backed by 1 oz. of gold.

Access to financial freedom demand

Announcing the achievement, Tether’s CTO, Paolo Ardoino said:

“Today’s numbers demonstrate that people want access to financial freedom, and when given that access, they will make use of it. Tether tokens offer a safe harbour for the unbanked and allow people in emerging markets to keep their buying power, even when their national currency is being devalued.”

Since its creation in October 2014, Tether’s USDT stablecoin has remained ahead of its rival stablecoins by being the most traded cryptocurrency. This has solidified Tether’s position as a distinguished stablecoin issuer and a pioneer for financial freedom and innovation.

By issuing stablecoins, Tether has successfully leveraged the benefits of digital currencies and the stability of traditional fiat currencies to create less volatile digital assets. In addition, it offers a fast and low-cost method of transacting with money.

A remarkable Q1 for Tether

Tether’s Q1 performance has been remarkable. It reported a net profit of $1.48 billion in its Q1 earning report, which also revealed a reserves surplus of $2.44 billion.

Tether recently also announced that it will use 15% of its profit to invest in Bitcoin. This will increase Tether’s Bitcoin holding which was reported to be 2% of the total reserves.