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USDT market cap hits new high, Tether CEO: Will release reserve real-time data by 2024

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USDT market cap hits new high, Tether CEO: Will release reserve real-time data by 2024

The market capitalization of USDT continues to grow, reaching a historic high of $84.253 billion even in a bear market, while USDC currently has a market capitalization of only $25.5 billion.

Tether to Launch Real-Time USDT Reserve Data Next Year

Bloomberg reported that Tether will support real-time reserve data for the US dollar stablecoin USDT in 2024.

Tether has faced controversies regarding transparency, such as:

  • Where is the reserve fund going? Tether originally planned to clear its secured loans this year but then lent out $200 million in short-term loans.

  • Bloomberg's repeated questioning of reserves: Tether's battle with the media! Documents reveal reserve assets involving Chinese company securities.

  • Different quarterly financial indicators: Breaking down Forbes' report: Tether's profits decline, using different indicators to confuse the audience.

However, there have also been misunderstandings and FUD incidents:

Tether questioned about cash withdrawals in Singapore, CTO Paolo: Think clearly before spreading FUD.

Despite this, the market value demonstrates users' confidence in Tether, with the market value of USDT increasing day by day, even reaching historic highs during bear markets.

Tether's Market Value Reaches New High

According to CoinMarketCap, the market value of USDT reached $84.253 billion on October 21, surpassing the previous high of $83.8 billion in August.

In comparison, USDC reached a market value of $55.88 billion in June 2022, but has since declined, currently standing at only $25.5 billion.

USDT Market Value Weekly Chart

Despite ongoing FUD, Tether has seen many positive developments this year, with the Q2 report showing excess reserves of $3.3 billion and the CTO, known for combating FUD, recently promoted to CEO.

  • Paolo Ardoino promoted to CEO, leading Tether towards a limitless financial future.

  • Tether releases USDT Q2 reserve report: Excess reserves reach $3.3 billion, with US Treasury bonds totaling $72.5 billion.