Tether Beats Stablecoin Turbulence With $16B Market Cap Rise

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Tether Beats Stablecoin Turbulence with $16B Market Cap Rise PlatoBlockchain Data Intelligence. Vertical Search. Ai.

Tether has doubled its financial performance from the previous quarter.
Tether’s latest report has revealed interesting details about its consolidated reserves.
The report shows Tether’s holdings of Bitcoin and gold as of March 31st.

بندھے, a prominent stablecoin issuer, has recently released its latest attestation report, which indicates a net profit of $1.48 billion for the year’s first quarter. This impressive figure represents a doubling of the previous quarter’s results.

In this report, Tether has for the first time broken down the details of its holdings, revealing that as of March 31st, the company held $1.5 billion worth of بٹ کوائن on its balance sheet, accounting for approximately 2% of its $80 billion reserves. Additionally, Tether had $3.4 billion worth of gold, which accounts for roughly 4% of its reserves.

This attestation report comes at a time when the stablecoin market has faced significant turbulence. Several tokens have lost their dollar pegs due to the U.S. banking crisis affecting Circle’s USDC, the second-largest dollar-pegged stablecoin.

Tether’s USDT on the Rise: Market Capitalization Grows 24%

Paxos was forced to halt the issuance of the third-largest stablecoin, Binance USD (BUSD), by the New York Department of Financial Services in February. The U.S. Securities and Exchange Commission (SEC) was also reportedly investigating BUSD for being issued as an unregistered security.

Despite these challenges, Tether’s USDT, the largest stablecoin with a supply of $81.8 billion as of May 9th, has emerged as one of the clear winners of this period of instability.

ٹوکن کا مارکیٹ کی سرمایہ کاری has grown by $16 billion since the beginning of the year, representing a 24% increase. Tether also issues مستحکم کاک pegged to other currencies and gold, constituting a small portion of USDT’s overall market cap.

دوسری طرف

The recent turbulence in the stablecoin market, including the loss of dollar pegs by several tokens, highlights the need for greater oversight and regulation of this rapidly growing industry.
The fact that Tether holds such a large amount of BTC and gold on its balance sheet raises questions about the potential concentration of risk.
The latest attestation report may not fully address the concerns surrounding whether Tether’s USDT tokens are truly backed by U.S. dollars, as the company claims.

آپ کی دیکھ بھال کیوں کرنا چاہئے

Tether’s impressive Q1 report is a strong indication of the company’s financial stability and reinforces confidence in the stablecoin market. As the largest stablecoin with a significant market capitalization, Tether’s success is good news for the entire crypto industry. A robust and reliable stablecoin market is crucial for the adoption and growth of cryptocurrencies.

To learn more about the impact of Bitcoin on the recent shrink in the stablecoin market cap, read here:

Stablecoin Market Cap Suffers 6-Month Shrink: How Is Bitcoin Affected?

To gain a better understanding of the upcoming US CPI data in the context of the recent Bitcoin surge, read here:

Understanding the Upcoming U.S. CPI Data Amid Bitcoin’s $27.5k Surge