Tether’s capitalization set an all-time record at $83.2 billion

Capitalization of Tether, the issuer of the stabelcoin USDT, reached a record and now stands at $83.2 billion. This is stated in the company’s report of June 1.

Tether Chief Technology Officer Paolo Ardoino believes the company’s success is due to the fact that people want access to financial freedom.

“Tether offers a safe haven for those without access to banking services, allowing people in developing countries to maintain their purchasing power even when their national currency devalues,” explained the top executive.

Stablecoin USDT is backed by real assets such as fiat currency and bonds, so it is always held at a stable 1:1 level against the U.S. dollar, Tether assures.

The company’s report says that Tether’s performance in the first quarter of 2023 was very positive overall, with net income of $1.48 billion, which boosted its own reserves significantly;

According to the company’s latest USDT Stablecoin issuer certification for February 2022, its consolidated assets exceeded its consolidated liabilities by $140 million. At the beginning of May 2022, the capitalization of USDT set the previous record at $83 billion;

In March 2023, Paolo Ardoino said the company had about $1.6 billion in excess reserves to support its stable coin.</nbsp