Stablecoin issuer Tether (USDT) is nearing a $100 billion market cap after adding about $10 billion to its valuation during the last three months.
According to new data from crypto ranking platform CoinGecko, USDT has seen its total market cap balloon from $84 billion on October 15th to over $94 billion on January 15th.
Last week, the stablecoin issuer pushed back against accusations from an agency associated with the United Nations (UN) that claimed USDT was frequently being used by criminals to launder money and commit fraud in parts of Asia.
According to a report published by the United Nations Office on Drugs and Crime (UNODC), bad actors in East and Southeast Asia prefer using USDT on the Tron (TRX) blockchain as Tether offers better anonymity, lower fees and more stability.
However, Tether denies the claim and says that using USDT for illicit activities is difficult as it collaborates with numerous law enforcement agencies to track and monitor transactions.
Tether is continuing a massive accumulation of Bitcoin (BTC), pushing its reserves of the flagship digital asset up to $2.8 billion.
According to market intelligence platform CryptoQuant, in August, Tether was holding just $1.6 billion worth of the top crypto asset by market cap at the time, making it the 11th-largest BTC-holding entity in the world.
Tether currently holds around 66,400 BTC, according to CrypoQuant founder and chief executive Ki Young Ju.
Source : The Daily Hodl by Mehron Rokhy / Jan 21, 2024