Tether Holdings’ USDT stablecoin token has achieved a noteworthy feat by temporarily exceeding $100 billion in circulation and market capitalization, making it the first stablecoin to achieve this scale. Tether’s USDT strives to retain a one-to-one value with the US dollar and has seen a circulation rise of more than 9% since the start of the year, driven by the increasing demand for Bitcoin (BTC), which is currently trading at its highest value in over two years at $66,000. The market share of USDT has reached 403%, surpassing $100 billion in circulation. According to data from CoinGecko, the circulation of Tether’s USDT briefly peaked at $100.2 billion before stabilizing at around $99.5 billion. Tether is widely known for its market dominance, accounting for about 70% of the stablecoin sector valued at $142 billion. In comparison, Circle’s USDC, the closest competitor, holds 19.4%. As reported by Bloomberg, Tether’s reserves for USDT were at $97 billion in December, with more than three-quarters of those reserves invested in short-term US Treasury bills. Increasing returns on these assets have greatly increased Tether’s profits. In December, the company disclosed a surplus capital of $2.85 billion, which it invested in various areas including industry research, Bitcoin mining, and other sectors. Tether’s CEO Paolo Ardoino announced intentions to continue expanding in these domains by 2024, setting aside around $500 million specifically for financing Bitcoin mining operations. Additionally, the lead developer of Shiba Inu declares that it is time to demonstrate the project’s capabilities. The report mentions that Tether has experienced public backlash and government investigation regarding issues with transparency related to its reserves and corporate organization. Specifically, in 2021, the company resolved accusations from a US regulatory agency by agreeing to pay over $40 million for providing false information about its collateral reserves. Tether has periodically released reports on its reserves through a third-party accounting firm, giving some information on its assets. There have been concerns raised about the use of USDT in unlawful activities like terrorist financing and human trafficking in Asian markets. A report from the United Nations Office on Drugs and Crime in January pointed out the presence of organized crime groups in China using Tether for illegal betting activities. Tether has announced its dedication to preventing the illegal use of cryptocurrencies by implementing a Blockchain Recovery Plan.