Tether Comeback? Stablecoin Innovator Touts $83B Market Cap, 'Financial Freedom'
Portfolio Pulse from Murtuza Merchant
Tether has reached a new all-time high market cap of $83.2 billion, surpassing its previous record. The company reported a net profit of $1.48 billion in Q1 2023 and has significantly strengthened its reserves. USDT's circulation has grown in recent months, while its main rival, Circle Internet Financial Ltd.'s USDC, has shrunk.
June 01, 2023 | 2:26 pm
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NEGATIVE IMPACT
Tether's main rival, Circle Internet Financial Ltd.'s USDC, has experienced a shrinking circulation while USDT's has grown.
As Tether's USDT circulation grows and reaches a new all-time high market cap, it indicates a strong demand for the stablecoin. This growth, along with the shrinking circulation of its main rival, USDC, suggests a negative short-term impact on USDC's value.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Tether's market cap reaches a new all-time high of $83.2 billion, with a Q1 2023 net profit of $1.48 billion. USDT's circulation has grown, while its main rival, USDC, has shrunk.
Tether's new all-time high market cap and increased circulation indicate a strong demand for the stablecoin. This growth, coupled with the shrinking of its main rival, USDC, suggests a positive short-term impact on USDT's value.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100