The world’s largest dollar-pegged stablecoin, Tether (USDT), is seeing good times as its market value rises and is just $ 3 billion shy of its record high of $83 billion.
Tether’s market capitalization has increased by over 20% to $80 this year. Tether’s valuation has surged by 12% in the past four weeks alone, Coingecko data reveals.
Meanwhile, Circle’s USDC, the world’s second-largest dollar-pegged coin, has dropped by 27% to $32.5 billion.
Investors began fleeing USDC last month after Circle revealed holding $3.3 billion with failed Silicon Valley Bank (SVB).
The market value of Paxos’ centralized, dollar-pegged stablecoin BUSD has also declined by 58% to $7 billion this year.
