USDT regains its record market value, recovering everything lost in the 2022 crash

Tether/USDT

USDT's market value passed its May 2022 record of $83.2B, recovering the roughly $18B that left after the Terra collapse. Tether cited Q1 2023 net profit of $1.48B and about 85% of reserves in cash and short-term deposits, as rivals USDC and BUSD were hit by the Silicon Valley Bank failure and a New York minting ban.

• Market cap milestone: passed prior all-time high of $83.2B (May 2022).
• Recovery: regained ~$18B lost after Terra/Luna collapse in May 2022.
• Q1 2023 financials: $1.48B net profit, $2.5B excess reserves beyond 100% backing.
• Reserve composition: ~85% in cash, cash equivalents, short-term deposits; competitors (USDC, BUSD) weakened by SVB collapse and NY restrictions.