Originally published on: September 16, 2024
Tether’s USDT stablecoin has seen a remarkable rise in market share, now commanding a staggering 75% of the entire stablecoin market in just two years. According to data from Token Terminal, USDT’s market share surged by over 20% during this period, solidifying its position as the leader in the stablecoin space.
The increasing adoption of Tether’s USDT highlights the growing importance of stablecoins as the bridge between traditional fiat currencies and cryptocurrencies. With stablecoin market capitalizations on the rise, it’s clear that investors are increasingly turning to these digital assets to enter the crypto market.
Tether, the issuer of the world’s largest stablecoin, has reported impressive revenue figures, with approximately $400 million generated in the past month alone. This comes on the heels of a record-breaking first quarter, where Tether netted over $4.5 billion in profit, largely driven by financial gains in Bitcoin and gold.
As Tether continues to expand its operations, recent milestones include appointing Jesse Spiro, former head of regulatory relations at PayPal, as its new head of government affairs. Additionally, Tether’s USDT balance on crypto exchanges hit an all-time high of $20.339 billion, indicating growing investor interest in deploying stablecoins for crypto investments.
Whether in bear or bull markets, Tether’s presence remains strong, with fluctuations in USDT reserves often reflecting market sentiment. As the stablecoin issuer sets its sights on doubling its workforce and enhancing compliance measures, the future looks promising for Tether and its dominant USDT stablecoin.
Explore more: How Bitcoin ETFs may face cybersecurity challenges, Ellison’s plea for leniency, and other top news in this week’s Hodler’s Digest.
