TL;DR
- Tether, the issuer of USDT, has increased its share of the stablecoin market to 75% over the past two years, according to Token Terminal.
- The company generated approximately $400 million in revenue over the last 30 days, following a record first quarter in 2024 with earnings exceeding $4.5 billion.
- Tether has seen a record increase in USDT reserves on exchanges, reaching $20.339 billion on August 13.
Tether, the issuer of USDT, the world’s largest stablecoin, has achieved a significant increase in its market share, reaching 75% over the past two years.
The growth in its market share was 20% and is solid evidence of the adoption of USDT within the industry and the crypto market, where Tether has established itself as a key player. Token Terminal reported that the supply of USDT has reached $118 billion, marking its dominance in the stablecoin market.
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
Financially, Tether has generated approximately $400 million in revenue over the past 30 days. This figure follows a record first quarter in 2024, during which the company reported earnings exceeding $4.5 billion. The majority of these earnings, around $3.52 billion, came from its investments in Bitcoin and gold, while only $1 billion was attributed to operating costs.
Tether’s growth in the stablecoin market has been accompanied by an increase in USDT reserves across various exchanges, reaching a record $20.339 billion on August 13.
Tether to Double Its Workforce
Investors are accumulating stablecoins for future investments in crypto assets. Historically, the balance of USDT on exchanges has increased in both bull and bear markets, indicating a trend of converting volatile cryptocurrencies into assets like USDT during times of uncertainty and accumulating these assets during bull markets to capitalize on price dips.
On the other hand, Tether is undergoing organizational expansion and strengthening. The company has appointed Jesse Spiro, former head of regulatory relations at PayPal, as its new head of government affairs, aiming to bolster its compliance and regulatory strategies. It also plans to double its workforce to 200 employees by mid-2025, with a particular focus on expanding its compliance team.
With these developments, Tether aims to reinforce its dominant position in the stablecoin market and the industry as a whole. The company plans to continue its expansion and adapt to changing market conditions.
