Tether Recoups Almost All of Market Value Lost During Crypto Meltdown
- Assets backing biggest stablecoin fell 20% in year-ago quarter
- Growth was fueled in part by US regulatory crackdown
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Tether’s stablecoin is on the verge of recovering all of the market value lost in the wake of the collapse of algorithmic rival TerraUSD less than a year ago.
The stablecoin operator had assets totaling around $81.4 billion backing its USDT token as of Monday, according to data tracker CoinMarketCap. The amount reached a peak of about $83 billion last May, when the unraveling of Terra prompted investors to dump cryptocurrencies across the board. Tether’s assets had dropped almost 20% in the second quarter of last year.