The stablecoin, with a market cap of around $84 billion, has increased the value of loans to customers to $5.5 billion as of June 30, compared with $5.3 billion in the previous quarter

In December, Tether, the biggest stablecoin in terms of market capitalization and one of the key financial pillars of the crypto market, said it would stop issuing loans of its token by the end of 2023.

However, the stablecoin, with a market cap of around $84 billion, has increased the value of loans to customers to $5.5 billion as of June 30, compared with $5.3 billion in the previous quarter, according to the Wall Street Journal. Tether has revealed very little about who is borrowing its tokens or what those borrowers use as collateral.

The banking industry is facing considerable challenges and has proven incapable of keeping up with evolving global financial markets, something the Wall Street Journal has disregarded countless times in pursuit of tarnishing the reputation of true innovators such as Tether, the firm said in a statement.

Tether’s quarterly hike in loans raises concerns over its ability to withstand a flood of redemptions should enough users question its solvency, leading to a bank run. It also comes amid the stablecoin’s rise in dominance over the past six months as top rival USDC has experienced a steady decline in market share.

In March, Circle, the key firm behind USDC, said that it had $3.3 billion stuck at Silicon Valley Bank. Its stablecoin—a crypto currency that is designed to remain stable in comparison to the volatile ups and downs of tokens such as Bitcoin—suddenly depegged from the U.S. dollar before regaining its peg days later.

Since then, traders have turned away from USDC, and its market cap of more than $40 billion in March has slipped to just below $24 billion in September.