Tether’s stablecoin USDT has capitalized for well over $ 60 billion for the first time ever after releasing around 6 billion new tokens in the past month.
Tether CTO Paolo Ardoino noted that during periods of high volatility in the crypto market, there is always a rise in stablecoin action. Even in spite of the fluctuations in the crypto market, the capitalization of USDT persists to grow. Today it is $ 60.5 billion, which is almost 600% more than what it was in May 2020.
According to Whale Alert, at least 6 billion new USDT tokens have been issued by Tether over the past 30 days, with the last batch of 1 billion USDT appearing on May 24. This significantly influenced the growth in the USDT capitalization. Tether claims demand from institutional investors has been the leading driver of expansion.
“Even with the severe fall of the market, stablecoins continue to hang. This is verified by the fact that Tether has taken over a new landmark of $ 60.4 billion. Events like this bolster the ecosystem, allowing you to focus on creation, and not be sidetracked by price actions,” stated Ardoino.
