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USDT, issued by Tether, continues to dominate its category of assets, currently accounting for over 70% of stablecoin transactions.
USDT hit another major milestone this week, with its market cap growing by over $1 billion in the past seven days to a record high of $115 billion.
USDT's market cap growth to $115 billion highlights its growing use as a "digital dollar" for a wide range of transactions and use cases beyond simple cryptocurrency trading, Tether CEO Paolo Ardoino said.
The issuer of the USDT stablecoin has also seen significant growth over the past year. Tether's market cap has increased by more than 40% since September 2023.
However, despite these positive indicators, Tether is facing intense scrutiny from US regulators. The main reason is the use of USDT by sanctioned individuals and entities, as well as for illegal activities.
In response, the company began collaborating with the analytics platform Chainalysis, whose task is to monitor the activity of the stablecoin in secondary markets.
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USDT Market Cap Increases Again, Now to $115 Billion
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