Despite several U.S. dollar-pegged digital tokens experiencing notable redemptions in recent months, the largest stablecoin by market valuation, tether, is on the verge of achieving its highest-ever market capitalization. With a current value of $82.84 billion, tether is a mere $433 million shy of reaching its all-time high (ATH) set on May 8, 2022.
Stablecoin Tether on Brink of Record Market Capitalization
Approximately 370 days ago, specifically on May 8, 2022, tether’s (USDT) market capitalization soared to an all-time high (ATH) of $83.279 billion. It was during this period that Terra’s once-stable coin, terrausd (UST), became unpegged from its $1 parity.
Following that event, tether’s market valuation experienced a decline, hitting a low of $65.36 billion on November 24, 2022, resulting in a loss of 21.51% of its total market capitalization.
Since then, tether’s market capitalization has experienced growth and is now inching closer to the ATH it achieved on May 8. As of th
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