Tether (USDT) has set a new record: the market cap of the largest stablecoin has surpassed 125 billion dollars. The influence of the crypto rally has also seen increases for USD Coin (USDC), but the market cap does not register new records and is downsizing.
Tether and the record market cap of USDT above 125 billion dollars
Tether (USDT), the largest stablecoin in the world, has set a new record: the market cap has surpassed the threshold of 125 billion dollars today.
The first to take pride in this achievement is indeed the CEO of Tether, Paolo Ardoino, with his post on X:
125B
— Paolo Ardoino
(@paoloardoino) November 13, 2024
Specifically, the market cap of USDT began to soar without ever dropping, starting from November 6, 2024, under the effect of Donald Trump’s victory in the USA 2024 presidential elections.
In fact, USDT went from a market capitalization of 120 billion dollars on November 6, to 121 billion on November 7, surpassing 122 billion on November 8 and 123 billion on November 9.
Yesterday, November 12, the market cap of USDT had surpassed the threshold of 124 billion dollars, reaching a new record in the last 24 hours.
This means that, in the last seven days, the market cap of USDT has increased by over 4 billion dollars.
Tether (USDT): market cap and record numbers for the largest stablecoin in the world
This new market cap record for USDT adds to other important numbers recorded by the crypto company in the third quarter of 2024.
In fact, recently, it emerged that Tether’s Q3 2024 showed record profits of 7.7 billion dollars, related to the first nine months of this year.
This is a true financial success for the crypto company, which is expected to have reached a quarterly net profit of 2.5 billion dollars.
These results translate into an increase in the group’s net assets to 14.2 billion dollars and total assets on a consolidated basis of 134.4 billion.
Not only that, Tether continues to pursue diversified investment strategies while, just in these days, it has made headlines in the field of global commercial finance. The company behind USDT has completed its first crude oil transaction in the Middle East, financing the load and transport of 670,000 barrels for 45 million dollars.
Different situation for USD Coin (USDC)
Making a comparison in terms of market cap between the stablecoins, USD Coin (USDC) also rode the crypto rally, but with important differences compared to USDT.
In fact, the market cap of USDC also rose starting from November 6, but began to shrink from November 9 to today.
At the time of writing, the market cap of the second largest stablecoin in the world, USDC, is 36.51 billion dollars.
Not only that, this figure is not a record for USDC, considering that the all-time high of the market cap for USDC was reached in September 2022, at 55.8 billion dollars.