Tether’s USDT has passed another significant milestone in market capital, exceeding the $115 billion mark. This achievement is proof that the stablecoin is gaining huge popularity on the market, especially during periods of high volatility when users rush to safer cryptoassets.

USDT has become an indispensable part of the digital asset ecosystem, being a widely used means of trading and an alternative for investors in times of market uncertainty.

Source: IntoTheBlock

Resistance in the cryptocurrency market

Cryptocurrencies have shown excellent market resilience recently, with Bitcoin and Ethereum being two of the biggest in the market. Bitcoin currently accounts for about 54.4% of the market, while Ethereum maintains about 17.8%.

The combined market for all these digital assets is estimated at $2.11 trillion; USDT ranks third among digital assets. This kind of growth explains the growing importance of Tether, as well as the trust that investors and traders have in stable coin.

Tether CEO Paolo Ardoino was proud of achieving this major milestone. He was quoted as saying that USDT has come a long way from where it started. To gauge how much the asset class has grown, it managed to generate a net profit of $5.2 billion in the first half of the year, which was achieved with significantly fewer employees than vast exchanges like Coinbase and Binance. This was all thanks to a well-thought-out strategic investment portfolio, as well as adapting to the rapidly changing norms in digital finance.

115

— Paolo Ardoino 🤖🍐 (@paoloardoino) August 8, 2024

Expansion and Compatibility

Building on recent success, Tether has introduced expanding its workforce to 200 employees by mid-2025. The headcount enhance is intended to ensure better compliance with regulatory authorities and enhance operational efficiency.

According to Ardoino, the staffing enhance would come with a lean structure, although some staff would be brought into finance and compliance areas. It is also creating advanced tools to track illegal USDT activity to prove it is crystal clear and compliant.

Tether has been criticized for its stablecoin being used for illegal activities. The company decided to act voluntarily and froze 50 million USDT that were directly linked to transactions flagged as suspicious.

In order to enhance transparency and security, Tether has also partnered with blockchain data protection firm Chainalysis to develop secondary market protocols that will enable oversight. This effort will further strengthen Tether’s war on all forms of fraud and scammers, ensuring a secure platform.

1.3B $USDT was moved from #TetherVault on the stock markets since the August 5th stock market crash! photo:twitter.com/BYtMqgVRyZ

— Lookonchain (@lookonchain) August 9, 2024

USDT: Innovation and Investment

Looking ahead, Tether is firmly focused on market growth and innovation. This includes investing over $2 billion in various startups over the past two years in areas such as artificial intelligence and telecommunications.

Meanwhile, amid the cryptocurrency market boom, blockchain firm Lookonchain has spotted $1.3 billion worth of USDT being transferred to centralized exchanges including Kraken, OKX, and Coinbase.

Ardoino suggested that Tether’s self-investment will likely continue this aggressive trend to drive novel technologies and novel trends in the digital landscape. This proactive approach not only solidifies Tether’s position as a leader in the stablecoin market, but also ensures its position as a major player in the overall cryptocurrency ecosystem.

Featured image from Pexels, chart from TradingView