- The market cap of USDT reached an all-time high of $141.76 billion.
- Stablecoin regulation is gaining momentum as global leaders propose a bill.
The crypto market is struggling to pick up as Bitcoin fell below the $97K level and Ether trading in the $2,600 zone. Major altcoins such as XRP, Solana, BNB, Dogecoin, Cardano, and Tron are following BTC and ETH in terms of market price momentum.
Total crypto market capitalization dropped by 1.29% in the last 24 hours. However, the top stablecoin USDT is grabbing all the attention in the industry with its new record.
Tether’s USDT hit an all-time high of $141.76 billion in the early Asian hours. Being the top stablecoin, USDT religiously maintains its peg to the US dollar. It witnessed periodic sharp hikes in terms of market capitalization historically. After witnessing one of those hikes earlier today, his market cap surpassed the $141 billion level for the first time.
Factors Propelling the USDT Adoption
Tether recently partnered with a leading real estate B2B platform in the UAE, Reelly Tech. UAE is the leading country in terms of crypto regulation, adoption, and innovation. Partnering with one of the top companies in the UAE, Tether is set to raise its global standard and adoption.
On another note, efforts to regulate the stablecoin space in the United States is gaining attention across the industry. US Financial Committee officials have recently released a House Bill on stablecoin regulatory framework. Additionally, the UK has also revealed its plans to implement stablecoin regulations last year.
While the newly appointed Presidential Working Group is evaluating the “Bitcoin strategic reserve”, stablecoin regulations are moving forward. The US White House Crypto & AI Czar several times mentioned stablecoins and their potential to increase dollar dominance. He even believes that stablecoins can create trillions of dollars of new demand to the US treasury, helping with its debt issues.
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