Tether’s market cap hits record high of $83.2B despite stablecoin market decline.

Stablecoin issuer Tether’s USDT has regained its previous all-time high market capitalization despite a shrinking stablecoin market. According to the company, USDT reached an $83.2 billion market capitalization on Thursday, equaling its previous peak little more than a year ago. Tether’s milestone is significant as it runs counter to a 14-month stablecoin market decline. Stablecoins are a $129 billion subset of cryptocurrencies and key plumbing in blockchain-based finance. USDT has greatly benefitted from the recent woes of its closest rivals, USDC and BUSD. However, Tether has been criticized for years for lack of transparency about its reserve assets, including potentially risky loans to undisclosed debtors. Stablecoin holders, however, have flocked to USDT during this turbulent period due to its perceived safety from U.S. regulators and banks, propelling its market share to its highest level in at least 22 months.