The leading stablecoin Tether (USDT) has restored its capitalization to the maximum value which the cryptocurrency reached at the beginning of May last year (at around $83.2 billion). Recall that last year, the token tied to the US dollar exchange rate lost about $18 billion in market value: the capitalization of the asset began to fall after the May collapse of the algorithmic competitor TerraUSD (UST). And continuing the decline, USDT reached a minimum in November, after the bankruptcy of the FTX exchange – then the capitalization of the cryptocurrency dropped to $ 65 billion. However, in almost six months, Tether managed to recover. Tether Technical Director Paolo Ardoino wrote on his Twitter account: «It is so humbling to witness USDt growing to all-time-high, surpassing $83.2B. We are strongly committed to growing a strong, resilient and powerful financial, communications and energy ecosystem that leverages our cutting-edge tech.» Cryptanalysts note that the restoration of USDT capitalization indicates the dominant role of the token in the cryptocurrency market as a means of conducting transactions and storage. In February of this year, Tether's share in the stablecoin market exceeded 51% for the first time since May 2022. Today, on June 1, it is already 66%.
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