Tether has achieved a circulating supply of $113.13 billion by July, a significant milestone post the Silicon Valley Bank (SVB) collapse in March 2023. Following SVB's downfall, traditional finance institutions turned to USDT for stability, leading to its dominance in the stablecoin market. Vincent Maliepaard, ITB's marketing director, highlighted USDT's accessibility and liquidity as key factors for its popularity among traders and investors. The stablecoin market has seen continuous growth, reaching around $150 billion in market capitalization by July 2024. Regulatory initiatives like FINMA's stablecoin issuer guidelines have increased global exposure and trust in stablecoins like DAI, FDUSD, and USDM. Despite regulatory compliance milestones by USDC, USDT remains significantly ahead with a market cap of $113.13 billion. USDT's role extends beyond DeFi and trading, as highlighted by its use in tracking illicit funds in a recent report on Huione Group's involvement in online scams in Southeast Asia. Read more AI-generated news on: https://app.chaingpt.org/news