USDT peaked by market capitalization

The leading stablecoin Tether (USDT) has restored its capitalization to the maximum value which the cryptocurrency reached at the beginning of May last year (at around $83.2 billion).

Recall that last year, the token tied to the US dollar exchange rate lost about $18 billion in market value: the capitalization of the asset began to fall after the May collapse of the algorithmic competitor TerraUSD (UST). And continuing the decline, USDT reached a minimum in November, after the bankruptcy of the FTX exchange – then the capitalization of the cryptocurrency dropped to $ 65 billion. 

However, in almost six months, Tether managed to recover. Tether Technical Director Paolo Ardoino wrote on his Twitter account: «It is so humbling to witness USDt growing to all-time-high, surpassing $83.2B. We are strongly committed to growing a strong, resilient and powerful financial, communications and energy ecosystem that leverages our cutting-edge tech.»

Cryptanalysts note that the restoration of USDT capitalization indicates the dominant role of the token in the cryptocurrency market as a means of conducting transactions and storage. In February of this year, Tether's share in the stablecoin market exceeded 51% for the first time since May 2022. Today, on June 1, it is already 66%.