Tether, the issuer of the favored USDT stablecoin, has strengthened its dominance within the stablecoin market by approaching 100 billion tokens in circulation.
The corporate’s market share expanded considerably in 2023, rising from 50% firstly of the 12 months to over 70% as of the top of 2023, in keeping with information from CryptoRank.io.
The 100 billion token milestone additional cements Tether’s place because the chief within the stablecoin sector.
USDT Dominance Surpasses 70%
Over the previous 12 months, #Tether regurally issued $USDT, leading to provide development by almost $29 billion (+44%). Amid the issues of $USDC and $BUSD, it is dominance surged from 48.1% to 70.9%.
👉 https://t.co/DPGQMz6xMX pic.twitter.com/2VAkzVVDXE
— CryptoRank.io (@CryptoRank_io) January 15, 2024
The overall circulation of over 100 billion USDT tokens exceeds the gross home product (GDP) of a number of international locations, together with the likes of Panama, Venezuela, and Luxembourg.
Tether’s distinctive development stands out, particularly when in comparison with its predominant competitor, USD Coin (USDC), which presently has round 27 billion tokens in circulation.
USDC began 2023 with over 48 billion tokens however confronted a decline in circulation all year long, the info confirmed.
Good 12 months ❤️ https://t.co/6wmbtPnObZ
— Paolo Ardoino 🍐 (@paoloardoino) January 11, 2024
Management adjustments at Tether
Tether’s current surge in market share and circulation comes amid a change in management.
Paolo Ardoino, the previous Chief Know-how Officer (CTO) who for a very long time has additionally acted as the general public face of the corporate, assumed the role of CEO in December, succeeding former CEO Jean-Louis van der Velde.
The change in management has caused a shift in method, with Ardoino actively participating with legislation enforcement and regulators by as an illustration freezing tokens owned by sanctioned individuals.
In an anncouncement from December final 12 months, Tether mentioned it goals to forestall potential misuse of its tokens and improve safety measures by aligning with international legislation enforcement and regulators.
“This strategic choice aligns with our unwavering dedication to sustaining the best requirements of security for our international ecosystem and increasing our shut working relationship with international legislation enforcement and regulators” Tether CEO Paolo Ardoino mentioned on the time.