Tether now accounts for two-thirds of the global stablecoin market thanks to widespread adoption over the past two years.
According to Token Terminal, Tether 's market share has increased by more than 20% during this time, now accounting for more than 75% of the total stablecoin market value.
“Tether has increased its market share from 55% to 75% in the past two years. 1) Tether 's USDT supply is $118 billion. 2) Tether 's market share is 75%.”
Tether Market Share. Source: Token Terminal
Stablecoins represent the main bridge between fiat and the crypto world, and their growing market Capital shows increased demand from investors.
According to Token Terminal, Tether, the world's largest stablecoin issuer, recorded around $400 million in revenue in the 30 days to September 16.
Tether Revenue Over Last 30 Days. Source: Token Terminal
This revenue level marks an increase after a record first quarter, when Tether posted profits exceeding $4.5 billion in the first quarter of 2024. Notably, about $3.52 billion of these profits came from investments in Bitcoin and gold, while just $1 billion came from operating expenses.
The data reflects Tether ’s strong growth in recent times, especially after the company appointed Jesse Spiro, former head of regulatory relations at PayPal, as its director of government affairs on September 13.
Tether Financial Reserves, Q1 2024. Source: Tether
On August 13, USDT balances on cryptocurrency exchanges hit a record high of $20.339 billion, indicating that investors are preparing to invest in other assets in the crypto space.
USDT exchange balances typically increase in both bearish and bullish markets. In bearish conditions, an increase in USDT reserves often indicates that traders are converting volatile cryptocurrencies into stablecoins to preserve value. Conversely, in bullish markets, USDT accumulation may indicate that traders are preparing to buy cryptocurrencies when prices fall.
Tether is seeing significant growth and plans to expand its workforce to 200 employees by mid-2025, with a particular focus on expanding its compliance team.
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Itadori
According to Cointelegraph
