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Tether expands market share by 21% in 2023

tether-expands-market-share-by-21-in-2023
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Tether expands market share by 21% in 2023

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.

Tether expands market share by 21% in 2023 - 1
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.

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.