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Tether announced that the market cap of its stablecoin $USDT has reached all-time high, surpassing its previous all-time market cap high of $83.2 billion set in May 2022.
In Q1 2023, Tether recorded a net profit of $1.48 billion. Approximately 85% of its reserves is in cash, cash equivalents, and other short-term deposits. Token supply increased 20% Q/Q, with around $2.5 billion in excess reserves.
On this news, Binance CEO CZ commented that when the New York Department of Financial Services stopped the minting of new $BUSD, the market cap of $BUSD was at $23 billion. Now it's $5 billion. "Since then, $USDT has seen tremendous growth." CZ said on Twitter.
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