On Monday, Tether’s market cap hit $ 60 billion for the first time in history, marking another milestone in the coin’s steady growth. According to Tether Transparency, the market value of USDT at the time of writing is $ 60.4 billion, over 580% year over year.
Tether’s new market cap record follows a series of USDT tokens minted on the Tether Treasury. According to data from blockchain analytics service Whale Alert, at least 6 billion new Tether USDT tokens have been sliced into the treasury in the past 30 days, with the last $ 1 billion pool cut on May 24.
Institutional and corporate demand are the main drivers of Tether’s sustainable growth, according to a statement from Tether.USDT has repeatedly broken new milestones over the past two months, adding $ 10 billion each month.
Tether’s continued growth follows tremendous crypto volatility as the market has lost $ 1 trillion since mid-May highs of more than $ 2.5 trillion. Bitcoin, which was a $ 1 trillion asset earlier this year, lost over $ 400 billion in its recent market crash, and its market cap is over $ 720 billion at the time of writing.Paolo Ardoino, Chief Technical Officer of Tether, emphasized that periods of great crypto volatility are often associated with steady coin growth:
During these extreme episodes, we’ve historically seen an uptick in stablecoin activity, made evident by Tether’s recent US$60 billion milestone as demand continues to grow. Events like these even support the ecosystem’s strength and help everyone refocus back to building rather than the distraction of token price gains.”