Tether becomes the favorite stablecoin. The Tether coin again listed itself as the most popular stablecoin in the second quarter of 2023, this title was won by Tether after its asset capitalism rose 5.7 percent to 86.5 billion US dollars.
According to Tether’s financial records, the surge occurred due to several factors, such as the recovery of major banks in the US after being rocked by bankruptcy. This recovery then makes the value of stablecoin assets stable again. Given that Tether’s price movements are generally pegged at 1:1 with the US dollar.
Apart from the recovery of investor confidence, the positive sentiment boost from Bitcoin trading has also made the price of Tether rise to the green zone.
It was proven that from January to March 2023, Tether successfully recorded a net profit of 1.5 billion dollars. A similar spike resumed in the second quarter, where from April to July Tether’s net profit was reported to have risen by more than $1 billion.
Furthermore, in trading on the Coinmarketcap market, the Tether coin price was observed to be bullish around 0.9996 US dollars. In contrast to the price of Bitcoin which actually recorded a decrease of 1.66 percent to US$28,820 per coin, Tuesday (1/8/2023).
Tether Becomes the Favorite Stablecoin Not only Bitcoin, most of the other top crypto coins also slid down earlier this week. Like Ethereum, whose price slumped 1.79 percent to $1.828 per coin.
The price decline was also experienced by the XRP coin which collapsed 1.06 percent so that the price fell to around 0.6927 US dollars per coin. Followed by the Solana coin which also experienced sideways and fell 4.68 percent to 23.18 US dollars.