Crypto’s Most Valuable Company Continues to Expand
Tether, the company responsible for issuing the USDT stablecoin, has witnessed a significant increase in its share of the global stablecoin supply. According to data from The Block, Tether’s market share grew from 50% to 71% throughout 2023.
Tether Surpasses 95 Billion Tokens in Circulation
In addition to its growing market dominance, Tether recently achieved a milestone by surpassing 95 billion stablecoins in circulation. This amount exceeds the GDP of countries such as Guatemala and Bulgaria. In comparison, Circle’s USD Coin (USDC) currently has only 27 billion tokens in circulation, despite starting the year with over 48 billion.
Change in Leadership and Regulatory Efforts
Tether experienced a leadership transition as CTO Paolo Ardoino took over as CEO in December, replacing former CEO Jean-Louis van der Velde. Ardoino has actively sought to establish better relationships with law enforcement and regulators. This includes freezing USDT held in wallets sanctioned by the U.S. Office of Foreign Asset Controls (OFAC) and collaborating with law enforcement agencies on the platform.
Hot Take: Tether’s Dominance Raises Concerns
Tether’s increasing market share and circulating supply raise questions about its influence within the crypto industry. As the leading stablecoin issuer, Tether holds significant power over the stability of other cryptocurrencies. However, its practices and relationship with regulators have been subject to scrutiny. The ongoing growth of Tether calls for continued monitoring and assessment of its impact on the broader crypto market.
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