Tether (USDT), the world's largest dollar-pegged stablecoin, is thriving, having survived the Terra-induced turmoil of mid-2022. The market value of the stablecoin continues to rise and is now within a whisker of its record high.

Coingecko data show tether's market capitalization has increased by over 20% to $80 this year – with the valuation surging by 12% in the past four weeks alone.

The rise means tether's market cap is now just $3 billion short of the record high of $83 billion reached in May last year.

Markus Thielen, head of research and strategy at crypto services provider Matrixport, said tether's valuation had been driven higher by "aggressive minting and issuance" on Tron Network, which has a greater presence in mainland China compared to Ethereum and a greater focus on the movement on money.

(by Stephen Alpher)