TL;DR Breakdown
- Tether’s USDT stablecoin has regained its lost market value, surpassing its all-time high market cap of $83.2 billion.
- The decline in whale holdings of Ethereum raises concerns about a bearish outlook in the market, potentially impacting price stability.
- Tether expands its presence in Georgia through a strategic investment in CityPay.io, aiming to enhance the payment industry and bring greater efficiency and convenience to customers.
Tether, the leading stablecoin issuer, has recently made significant strides in the crypto market, reaching new milestones and expanding its presence in Georgia. The company’s updates and strategic investments showcase the growth and resilience of Tether amidst a dynamic industry.
Tether rebounds and surpasses all-time high market cap
After experiencing a setback of approximately $20 billion following the collapse of algorithmic competitor TerraUSD over a year ago, Tether’s USDT stablecoin has successfully regained its lost market value. The circulating supply of this highly traded digital asset has surpassed its previous record of $83.2 billion, establishing a new all-time high. This achievement demonstrates the strong demand for Tether tokens and individuals’ desire for financial freedom.
Paolo Ardoino, CTO of Tether, emphasized the significance of these numbers, stating, “Today’s numbers demonstrate that people want access to financial freedom, and when given that access, they will make use of it.” He added that Tether tokens provide a haven for the unbanked population and allow people in emerging markets to preserve their buying power even when devaluing national currencies.
The decline in circulation during the previous year’s second quarter, which resulted from the destabilization caused by the collapse of Terra, marked a challenging period for the crypto market. However, recent months have witnessed the growth of USDT’s circulation, even in the face of the shrinking of its primary competitor, USDC, from Circle. USDT currently boasts a market cap of $83 billion and a 24-hour trading volume of $11 billion, as per CoinGecko data.
Tether expands presence in Georgia through CityPay.io investment
Tether has announced its strategic investment in CityPay.io, a payment processing company that operates across more than 600 locations in Georgia. However, this move aims to enhance the payment industry in the country by improving efficiency and convenience for customers.
Georgia has established itself as a favorable destination for crypto companies, attracting numerous firms due to its progressive regulatory framework. The government’s efforts to position Georgia as a prominent global cryptocurrency hub have been bolstered by introducing new crypto regulations in 2022, providing a conducive environment for digital businesses and cryptocurrency trading.
CityPay.io, which offers seamless payment experiences to major establishments such as Wendy’s and Radisson Hotels, will benefit from Tether’s investment. The collaboration aims to bring greater innovation and efficiency to the payment industry in Georgia.
Eralp Hatipoglu, CEO of CityPay.io, expressed excitement about joining forces with Tether, highlighting how the investment will accelerate the company’s growth and expand its services to more customers across Georgia. The partnership between Tether and CityPay.io will drive innovation and efficiency in the payment industry, benefiting businesses and individuals.
Tether’s investment in CityPay.io marks the first step in the company’s expanded presence in Georgia. With a commitment to driving innovation and efficiency in the payment industry, Tether anticipates announcing further initiatives in the near future, solidifying its position as a leading player in the global crypto landscape.
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