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Market News Tether Nears $100 Billion in Total Assets While USDT Rules the Stablecoin Market

Tether Nears $100 Billion in Total Assets While USDT Rules the Stablecoin Market

As its competitors have lost ground, the news reports on the remarkable growth of Tether, the dominant stablecoin in the cryptocurrency market, which has nearly $100 billion in total assets, backed primarily by US Treasury bills, and has increased its market share.

TOP1 Markets Analyst

2024-01-04

11017

As of now, Tether's transparency report indicates that the total value of its assets approaches $100 billion, with the current figure standing at $95.2 billion, as reported by CryptoPotato. The dollar-pegged stablecoin USDT comprises $92 billion of this quantity. Tether has accumulated a 6,560% increase in market capitalization since the start of 2018. Gabor Gurbacs, a strategy advisor for Tether and VanEck, reaffirmed his support for the firm on January 3, stating that he has been an investor in Tether since the spring of 2017, when its market capitalization was less than $100 million.

According to Tether CTO Paolo Ardoino, the company experienced a prosperous fourth quarter in the year 2023. A portion of the company's proceeds from high yields on US Treasury bills have been invested in Bitcoin. 85.7% of Tether's reserves are 'Cash and Cash Equivalents and Other Short-Term Deposits,' according to its reserves report. Of these, 76.4% are US Treasury bills, 11% are overnight reverse repurchase agreements, and 11% are money market funds.

With a market capitalization of $132 billion, stablecoins presently account for 7.2% of the total. The proportion has declined from 16-17% of the market in 2022, when stablecoins constituted this figure. Virtually 70% of this total is possessed by Tether, which commands the lion's share. While its major competitors have experienced a decline, its supply has increased by nearly 40% over the past year. Since June 2021, Circle's USDC supply has decreased by 44% annually, reaching its lowest level since June 2021, with only $24.8 billion in circulation and an almost 19% market share. TrueUSD (TUSD) ranks fourth with $2.3 billion in circulation, while MakerDAO's DAI is the third largest stablecoin at $5.3 billion.