Tether’s USDT stablecoin market share has risen to over 75 percent
Tether (USDT) market share has grown from 55% to 75% in two years. Tether has generated $400 million in revenue over the past 30 days. USDT hit a record high of $20.3 billion on crypto exchanges in August 2024.
Tether (USDT), the world's largest stablecoin, now commands over 75% of the stablecoin market, a 20% increase in two years. This development shows that USDT is increasingly becoming a major bridge between fiat currency and cryptocurrency.
With a USDT supply of $118 billion, Tether has seen rapid expansion supported by strong financial performance and strategic developments.
The increasing market share of Tether
According to data from Token Terminal, Tether's market share in the stablecoin sector has risen from 55% to 75% over the past two years.
ICYMI: @Tether_to has grown its market share from 55% to 75% in the last 2 years.
1) Tether's USD supply is $118 billion) Tether's market share is 75%
– token terminal | @TOKEN2049 🇸🇬📊 (@tokenterminal) September 16, 2024
With USDT supply at $118 billion, this growth will strengthen Tether's dominance in the market, as its stablecoin has become an important tool for investors moving between fiat currencies and cryptocurrencies.
The company's significant revenue generation supports this growth. In the 30 days until September 16, 2024, Tether generated an impressive $400 million in revenue. This is a record-breaking first quarter of 2024, when the company made a profit of more than $5.2 billion.
Specifically, $3.52 billion of this profit came from Tether's investments in Bitcoin and gold, while $1 billion came from operating profit.
These figures highlight Tether's ability to generate value beyond its core stablecoin business, particularly through strategic asset allocations.
As Tether continues to expand, the company will focus on building a stronger compliance team. It has set a goal to double its workforce by mid-2025, with a particular focus on hiring mandated specialists.
The move coincides with the recent appointment of PayPal's former head of regulatory relations, Jesse Spiro, to strengthen the government affairs team, demonstrating Tether's long-term stability and commitment to regulatory compliance.
USDT has set a record high in currency exchange
Another notable indicator of Tether's growth is that USDT balances on crypto exchanges reached a record high of $20.3 billion in August 2024. This is a significant milestone as traders accumulate USDT for trading opportunities.
In volatile situations, investors often convert their volatile crypto assets into stablecoins (USDT) to protect their portfolios from uncertainty.
On the contrary, at bullish levels, it suggests that Storticoin stock is ready to invest in cryptocurrencies when the price drops.
