The U.S. dollar-denominated Tether stablcoin now controls two-thirds of the total stablcoin market, having expanded significantly over the past two years.
According to #Token Terminal, the market share of #Tether #USDT (USDT) has increased by more than 20% over the past two years and now controls more than 75% of the entire stablecoin market.
The blockchain data platform stated in a September 16 post X that:
Over the past two years, Tether has increased its market share from 55% to 75%.... The supply of USDT is $118 billion... Tether's market share is 75%.
Stablecoin is the main route from fiat money to the world of #cryptocurrencies . The growing amount of capital in the stablecoin market shows that investors are increasingly eager to buy cryptocurrencies.
According to Token Terminal, the revenue of Tether, the world's largest issuer of stablecoins, for the 30 days to September 16 was about 400 million U. S. dollars.
This increase in revenue follows a record first quarter for stablecoin issuers, with Tether earning more than $4.5 billion in the first quarter of 2024. Notably, the majority of this revenue, $3.52 billion, came from bitcoin and gold financing, while only $1 billion came from operating expenses.
The new figures come at a time of significant growth for the stub-fund coin issuer, just days after Tether appointed former PayPal head of regulatory affairs Jesse Spiro as its new head of government relations on Sept. 13.
Historically, Tether's exchange balance has increased in both bear and bull markets.
In bear markets, an increase in USDT balance often indicates that traders are seeking safety amid market uncertainty and shifting from volatile cryptocurrencies to more stable coins. Conversely, in bullish markets, an accumulation of USDT may indicate that traders are stocking up on stable coins to buy cryptocurrencies when prices fall.
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