Tether USDT Approaches $120 Billion Market Cap in Crypto News
Tether USDT's Market Growth
According to BeinCrypto data, Tether's USDT, the largest stablecoin, is seeing unprecedented growth, as its market capitalization approaches $120 billion for the first time. Just this week, Tether minted an impressive $1 billion worth of USDT on the Ethereum blockchain, bringing its total market cap to $119 billion. Blockchain platform SpotOnChain reported that Tether has minted $35 billion worth of USDT in the past year, solidifying its status as the prime stablecoin.
Market Position
- USDC, Tether's closest competitor, holds less than one-third of Tether's market share, highlighting the latter's dominance.
- As of Q2 2024, Tether has over $97 billion in US Treasuries, making it the 18th largest holder globally, surpassing countries like Germany and the UAE.
Stablecoins such as USDT serve crucial real-world applications, providing a stable alternative amid the volatile crypto market. Their adoption is notably increasing in emerging markets, with Nigeria leading the way in using stablecoins for savings, payments, and cross-border transactions.
Tether's Expansion and Adoption
Notably, Tether's user base has exceeded 350 million globally, with a recent surge in profits exceeding $400 million in the last month alone. Additionally, Tether is broadening its scope, venturing into agriculture and restructuring into various divisions including finance, data, education, and power.
Challenges Ahead
Despite its success, Tether faces scrutiny. Consumers' Research has expressed concerns regarding risks linked to Tether's business model, while market observers have raised alarms about the company’s reserves.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.