Tether (USDT) reached a market capitalization of $83.027 billion on May 24, a level not seen since the beginning of May 2022.
By July, this number had decreased to $65.96 billion, before beginning to rise again in January 2023.
Despite the current crisis which has affected Binance USD (BUSD) and USD Coin (USDC), USDT has succeeded in dominating dollar-backed digital currency platforms with a share of 76%.
Cryptocurrency exchanges Binance and OKX are large holders of USDT in a bid to take advantage of cheaper transaction fees on the Tron blockchain.
According to Santiment, whales and sharks with holdings between $100,000 and $10 million have been moving funds towards BUSD, DFIA, and USDC, signaling their intentions to potentially invest further in Bitcoin and other digital currencies.