Tether dominates stablecoin market, raking in $400M in monthly revenue
Over the past two years, Tether’s USDT has solidified its dominance in the stablecoin market, now controlling an impressive 75% of the sector.
This significant leap represents a 20% growth in market share, highlighting the increasing reliance on stablecoins within the cryptocurrency space.
Data from the on-chain platform Token Terminal revealed that Tether’s USDT supply now stands at $118 billion.
Stablecoins like USDT play a critical role as a bridge between traditional fiat currencies and the world of digital assets, providing a crucial entry point for investors.
In addition to its expanding market influence, Tether has also seen remarkable financial gains. In the last 30 days alone, the stablecoin issuer generated approximately $400 million in revenue.
These figures follow a record-breaking first quarter in 2024, where Tether raked in over $4.5 billion in profits, largely from investments in Bitcoin and gold.
Tether’s strategic growth has also involved key leadership moves. Recently, the company appointed Jesse Spiro, PayPal’s former head of regulatory relations, as its new head of government affairs.
This decision comes as Tether aims to strengthen its regulatory position amid the rapidly evolving crypto landscape.
Investors are also gearing up for future crypto opportunities, as evidenced by USDT’s record balance of $20.3 billion on cryptocurrency exchanges.
The increasing reserves on exchanges signal that traders are either seeking refuge during volatile times or preparing for future investments.
