According to CryptoPotato, Tether's total assets are nearing $100 billion, with the current figure standing at $95.2 billion, as per its transparency report. Out of this amount, $92 billion is in the dollar-pegged stablecoin, USDT. Since the beginning of 2018, Tether's market capitalization has grown by 6,560%. Tether and VanEck strategy advisor Gabor Gurbacs reaffirmed his support for the firm on Jan. 3, stating that he has supported Tether since its market cap was under $100 million in spring 2017.
Tether CTO Paolo Ardoino revealed that the firm had a successful fourth quarter in 2023. The company has been profiting from high yields on US Treasury bills and using a portion of their profits to buy Bitcoin. According to its reserves report, 85.7% of Tether reserves are 'Cash and Cash Equivalents and Other Short-Term Deposits,' with 76.4% being US Treasury bills, 11% being overnight reverse repurchase agreements, and 11% being money market funds.
Stablecoins currently represent 7.2% of the total crypto market capitalization with $132 billion. This percentage has fallen from the 16-17% of the market that stablecoins represented in 2022. Tether commands the lion's share of this total, with a market dominance of almost 70%. Over the past 12 months, its supply has grown by almost 40% while its major rivals have declined. Circle's USDC supply has shrunk by 44% over the past year to its lowest level since June 2021, with just $24.8 billion in USDC circulating and a market share of almost 19%. MakerDAO's DAI is the third largest stablecoin with $5.3 billion in circulation, and TrueUSD (TUSD) is fourth with $2.3 billion.