Tether USDT has seen its market cap value reach new highs in the month of July. According to a report by on-chain analytics company Into The Block, the world’s largest stablecoin is steadily approaching the key $84 billion mark. Based on data from DeFiLlama, USDT’s market cap is up by over $480 million since the beginning of July, indicating an increasing level of adoption. Generally, the stablecoin’s total market share value has been on the rise for the majority of 2023, moving from $66.23 billion on January 1 to its current value of $83.80 billion. In tandem with USDT’s market cap growth, Into The Block also noted the token’s circulating supply is up by almost 30% year to date. Interestingly, USDT’s market growth has also been reflected in its operator’s development. Back in May, Tether Holdings Ltd published its quarterly assurance report announcing a net profit of $1.48 billion for Q1 2023, bringing its excess reserve to an all-time high of $2.44 billion. Into The Block noted that currently, Tether is well on course to surpass those profit levels in Q2 and ..
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