On September 16, the on-chain data platform Token Terminal stated in a post on X (formerly Twitter):
ICYMI: @Tether_to has grown its market share from 55% to 75% over the past 2 years.
1) Tether’s USDT supply is $118 billion
2) Tether’s market share is 75%
3) Tether has made (an estimated) $400 million in revenue in the past 30 days pic.twitter.com/IFxXGY0UYg— Token Terminal | @ TOKEN2049 🇸🇬📊 (@tokenterminal) September 16, 2024
Supported by a circulating supply of 118 billion USDT and monthly revenues of $400 million, Tether continues to maintain its position as the world’s leading stablecoin issuer.
According to data from Token Terminal, USDT’s market share rose from 55% in 2022 to its current level, now controlling over 75% of the global stablecoin market. This demonstrates the increasing demand for USDT as a reliable intermediary between fiat currencies and digital assets.
Notably, in the first quarter of 2024, the company reported $4.5 billion in profits, with $3.52 billion coming from investments in Bitcoin and gold, and $1 billion from core business operations. This diversified financial strategy has allowed Tether to solidify its dominance in the market while expanding its operations.
In August 2024, USDT balances on cryptocurrency exchanges hit a record high of $20.339 billion. This suggests that investors are actively holding USDT to hedge against market risks and prepare for investment opportunities as the market shows signs of recovery. Historically, USDT has been used by investors to convert volatile assets into stablecoins, seeking safety during uncertain market conditions, while accumulating USDT during bullish phases in anticipation of price dips.
The company is also planning to scale up, to double its workforce to 200 employees by mid-2025, focusing particularly on hiring compliance professionals. This move underscores that Tether is not only focused on financial growth but also regulatory compliance to ensure transparency and security for its users. Recently, the company appointed Jesse Spiro, former Head of Legal Affairs at PayPal, to lead its government relations division, emphasizing Tether’s commitment to strengthening relationships with regulators.
Tether’s strong growth and commanding 75% market share reflect the critical role USDT plays in providing stability between the fiat world and the cryptocurrency space.
Related news: Tether Reports Record-Breaking Profit of $5.2 Billion in the First Half of 2024
