Stablecoin issuer Tether (USDT) is approaching a $100 billion market cap after adding about $10 billion to its valuation in the past three months.
According to new data from crypto ranking platform CoinGecko, USDT has seen its total market capitalization balloon from $84 billion on October 15 to more than $94 billion on January 15.
Last week, the stablecoin issuer pushed back against allegations from a United Nations (UN)-affiliated organization that claimed USDT was regularly used by criminals to launder money and commit fraud in parts of Asia.
According to a report published by the United Nations Office on Drugs and Crime (UNODC), bad actors in East and Southeast Asia prefer to use USDT on the Tron (TRX) blockchain because Tether offers better anonymity, lower costs and offers more stability.
However, Tether denies the claim, saying that using USDT for illegal activities is difficult because it works with numerous law enforcement agencies to track and monitor transactions.
Tether continues its massive accumulation of Bitcoin (BTC), pushing the flagship digital asset’s reserves to $2.8 billion.
According to market intelligence platform CryptoQuant, Tether owned just $1.6 billion worth of cryptocurrency by market capitalization as of August, making it the 11th largest BTC holding entity in the world.
According to CrypoQuant founder and CEO Ki Young Ju, Tether currently owns approximately 66,400 BTC.
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Generated image: Midjourney
