In 2023, Tether’s (USDT) stablecoin market share increased from 50% to 71%.
According to Glassnode, since the beginning of 2023, the supply of USDT stablecoin has increased by $28.7 billion. At the same time, on Jan. 14, 2024, the capitalization of USDT reached $95 billion.
Source: Glassnode
For comparison, USDT’s closest competitor is USDC. Like the rest of the stablecoins on this list, Circle’s token is in a recession.
Since the beginning of 2023, the supply of the asset has decreased by $17.78 billion, according to Glassnode. The decline in Circle’s share is due to several factors, one of which is the spring 2023 depeg caused by the collapse of Silicon Valley Bank.
In early January 2024, Tether added $1 billion to USDT reserves on the Tron network again. The last time it replenished its reserves was in December 2023. Then Tether issued 1 billion USDT.
The company’s new CEO, Paolo Ardoino, also called the USDT stablecoin an example of resilience and innovation. It has become a product used and trusted by “hundreds of millions of people,” he said.
I remember when I spoke for the first time in front of a public audience about @Tether_to .It was March 2020, in London, at the CryptoCompare conference.The title of my speech was "Tether: a story of innovation".I never did public speaking before.I was excited and quite shy…
— Paolo Ardoino 🍐 (@paoloardoino) December 26, 2023
He also shared plans for the current year, noting that Tether plans to launch several new products and consolidate existing solutions, expressing confidence in the company’s further development via the introduction of valuable functions and new investments.
Read more: Arthur Hayes foresees banking giants overtaking Tether’s stablecoin dominance