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Home»ADOPTION NEWS»Tether’s market share will increase by 21 points in 2023 and now accounts for two-thirds of stablecoin supply.
ADOPTION NEWS

Tether’s market share will increase by 21 points in 2023 and now accounts for two-thirds of stablecoin supply.

By Crypto FlexsJanuary 14, 20242 Mins Read
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Tether’s market share will increase by 21 points in 2023 and now accounts for two-thirds of stablecoin supply.
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Posted 5 minutes ago In ~

Cryptocurrency’s most valuable companies are getting bigger. Tether, the company issuing the USDT stablecoin, increased its share of global stablecoin supply from 50% to 71% during 2023, according to data from The Block.

Moreover, the company recently surpassed 95 billion stablecoins in circulation, which is larger than the GDP of countries such as Guatemala and Bulgaria. Currently, its biggest competitor, Circle’s USD Coin (USDC), only has 27 billion tokens in circulation, after having issued over 48 billion tokens starting in 2023.

Tether recently faced a change in leadership, with longtime CTO Paolo Ardoino taking over the reins in December from former CEO Jean-Louis van der Velde, who was described as “secretive.” Ardoino has been trying to cozy up to law enforcement and regulators in recent months by freezing USDT held in wallets approved by the U.S. Office of Foreign Assets Control (OFAC) and “onboarding” law enforcement agencies to its platform.

Correction: USDT’s circulating supply has been corrected to reflect 95 billion tokens.


Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.

© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.

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