Tether Stable Currency Returns to Market Value of over $70 Billion
It is reported that according to the latest data of Coingecko, the market value of the stable currency Tether has returned to above 70 billion US dollars, reac…
It is reported that according to the latest data of Coingecko, the market value of the stable currency Tether has returned to above 70 billion US dollars, reaching 70297423888 US dollars at the time of writing, but there is still a certain gap from the high point of more than 83 billion US dollars created in 2022. CZ, the founder of Coinan, said on social media that the majority of the market value of USD 2.45 billion lost by BUSD was transferred to USDT.
The market value of stable currency Tether returned to above $70 billion
Interpretation of the news:
According to the latest data released by Coingecko, Tether, a stable currency, has returned to a market value of over $70 billion. At the time of writing, the market value of Tether stood at $70,297,423,888. However, this still lags behind the high of over $83 billion that was achieved in 2022.
The stable currency plays a crucial role in the cryptocurrency market, particularly in terms of facilitating trading and providing a stable and predictable value. Tether is one of the most popular stable currency options, pegged to the US dollar, and is widely used across the cryptocurrency community.
It is worth noting that Tether has also been at the center of several controversies over the years. Some critics have questioned whether Tether has the reserves to back up its claim that each token is worth $1. The company has also faced accusations of manipulation and insider trading. Despite these issues, Tether is still widely used in the cryptocurrency market.
Interestingly, CZ, the founder of Coinan, recently commented on social media that the majority of the market value lost by BUSD (Binance USD) had been transferred to USDT (Tether). BUSD and USDT are both stable currencies but operate on different blockchain networks. BUSD is issued by Binance and is pegged to the US dollar, while Tether is issued by a different company and also pegged to the US dollar.
This transfer of market value from BUSD to Tether could suggest a growing preference for Tether in the cryptocurrency market. Given the controversies that have surrounded Tether in the past, this trend could be cause for concern for some investors.
In conclusion, the return of Tether’s market value to over $70 billion highlights the importance of stable currencies in the cryptocurrency market. However, the controversies that have surrounded Tether in the past remain a concern for some investors. The transfer of market value from BUSD to Tether could suggest a growing preference for Tether but also raises questions about stability and reliability in the cryptocurrency market.
Overall, stable currencies remain a crucial element in the cryptocurrency market, and their use and acceptance will continue to be watched closely in the coming years.
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