Tether USDT’s market share rises 20%, reaching 75% in two years
The world’s largest stablecoin issuer earned over $400 million in income over the last 30 days. Tether‘s US dollar-denominated stablecoin currently dominates two-thirds of the stablecoin market, following rapid growth over the last two years.
Tether USDT’s $1.00 market share increased by more than 20% over the last two years, giving it control of more than 75% of the stablecoin market, according to Token Terminal. In a Sept. 16 X post, the on-chain data platform stated that Tether’s market share has increased from 55% to 75% in the last two years. 1) Tether’s USDT supply is $118 billion. 2) Tether’s market share is 75%. Stablecoins are the primary gateway from money to the crypto realm. The growing stablecoin market capitalizations indicate that investors are increasingly aiming for cryptocurrency
Tether has generated $400 million in revenue over the past 30 days
According to Token Terminal, Tether, the issuer of the world’s largest stablecoin, made nearly $400 million in income in the 30 days preceding September 16. The increased revenue follows a record first quarter for the stablecoin issuer, as Tether earned more than $4.5 billion in profit in the first quarter of 2024. Notably, the majority of the profit, $3.52 billion, came from the firm’s financial gains in Bitcoin and gold, with operating expenditures accounting for only $1 billion.
The new data comes as Tether is seeing considerable growth, only days after appointing PayPal’s former head of regulatory relations, Jesse Spiro, as its new head of government affairs on September 13.
USDT hits record $20.3 b on exchanges
On August 13, Tether’s USDT balance on cryptocurrency exchanges reached a record high of $20.339 billion, indicating that investors are preparing to deploy these stablecoins into crypto assets. Historically, Tether’s exchange balance has increased in both bear and bull markets.
In negative situations, an increase in USDT reserves frequently indicates that traders are converting volatile cryptocurrencies into stablecoins in search of safety amid market uncertainty. In contrast, during bull markets, USDT accumulation may imply that traders hoard stablecoins for crypto purchases when prices fall. The world’s largest stablecoin issuer has grown significantly during the last two years. Tether intends to quadruple its employment to 200 people by mid-2025, with a special emphasis on growing its compliance department.
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