Tether’s USDT market share has increased by 20 percent, reaching 75 percent in two years
Tether's US dollar-denominated stablecoin now controls two-thirds of the total stablecoin market following significant adoption over the past two years.
Tether's USDT market share has grown by more than 20% in the past two years to control 75% of the total stablecoin market, according to Token Terminal.
The onchain data forum said in a September 16 post:
“Tether has grown its market share from 55% to 75% in the last 2 years. Tether's USDT supply is $118 billion. Tether's market share is 75%.”
Tether market share. Source: Token Terminal
Stablecoins represent the main on-ramp from fiat to the crypto world. Stable coin market capitalization growth suggests that investors are looking to buy cryptocurrencies.
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Tether has generated $400 million in revenue over the past 30 days.
Tether, the world's largest stablecoin issuer, generated nearly $400 million in revenue in the 30 days to September 16, according to Token Terminal.
Underline income in the last 30 days. Source: Token Terminal
The growing revenue comes after Tether made a profit of more than $4.5 billion in the first quarter of 2024, a record first quarter for the cryptocurrency issuer.
Notably, most of the profit, or $3.52 billion, came from the company's financial gains in Bitcoin and gold, while only $1 billion of the profit came from operating expenses.
Tether financial stock, Q1 2024. Source: Tether
The new information comes amid significant growth for the statcoin issuer, just days after Tether appointed PayPal's former head of regulatory relations, Jesse Spiron, as its new head of government affairs on September 13.
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Tether USDT hit a record $20.3 billion on the exchange
Tether USDT balances on crypto exchanges hit a record high of $20.339 billion on August 13, indicating that investors are preparing to deploy these stablecoins into crypto assets.
Historically, Tether's exchange rate has increased during bear and bull markets.
In bullish situations, rising USDT reserves often indicate that traders are switching from volatile cryptocurrencies to stable coins, seeking safety amid market uncertainty. Conversely, during bull markets, USDT stocks may indicate that traders are hoarding the stablecoin to deploy for crypto purchases when prices drop.
The world's largest stablecoin issuer has seen significant growth over the past two years. Tether aims to double its workforce to 200 employees by mid-2025, specifically expanding its compliance team.
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