Tether's USDT market cap hits a record high

Tether's stablecoin USDT has climbed to a new all-time high, with supply reaching $189.8 billion at the time of writing. USDT now represents nearly 60% of global stablecoin supply, far outpacing Circle's USDC and newer tokens such as USD1 and RLUSD. In March, Tether said it had engaged a "Big Four" accounting firm to audit its reserves.