Stablecoin issuer Tether’s USDT has regained its previous all-time high market capitalization.
USDT clawed up to $83.2 billion market capitalization equaling its previous record set more than a year ago. USDT has also recovered all of the $18 billion it lost since the crypto winter.
Tether’s run is surprisingly against the wave of a 14-month stablecoin market decline.
USDT has greatly benefitted from the recent woes of its closest rivals: USDC and BUSD.
Stablecoin USDC, which is issued by Circle, was hit by the implosion of banking partner Silicon Valley Bank in March, and subsequent wobbles in its price stability are still weighing on the token.
Binance USD (BUSD) was essentially given an expiry date when New York state regulators forced issuer Paxos to stop minting new tokens in February.