In a massive moment for the stablecoin, Tether has seen its USDT offering reach a market cap of $118 billion. Moreover, the Tether-issued token has already dominated 75% of the entire stablecoin market share. The distinction follows two years of increasing value for the asset’s market cap.
In the past two years, USDT’s share of the market has grown from 55% in 2022 to its current 75%. That has both been due to its recent rise, and the decline of its competitors. The developments have left Tether as the clear leader in the growing digital asset sector.
Source: Portal do Bitcoin
Also read: England High Court Rules Tether USDT Stablecoin is Property
Tether Increase Lead on Stablecoin Market as USDT Hits $118 Billion Market Cap
Stablecoins have long been a staple of the crypto market. Pegged to a traditional currency like the US dollar, they represent a much safer option for some crypto investors. Although they do not have the high-end upside, they have carved out a place for themselves nonetheless.
Now, Tether has continued to establish itself as the leader in the space, as its USDT has reached a market cap of $118 billion. Moreover, it dominates 75% of the entire stablecoin market share in a noticeable display of dominance for the asset.
According to data from Token Terminal, the UST supply has nearly doubled in the last two years. It grew from a $65 billion market to its current value in that time period. Moreover, it is a clear standard bearer for the $160 billion market cap of all stablecoins.
Also Read: EU Regulator: Stablecoin Standards Will Become Official Before Year-End
The asset is also the third largest cryptocurrency. Indeed, it follows only Bitcoin and Ethereum as the biggest the industry has to offer. The second most prominent stablecoin, Circle’s USDC, is just a third of Tether’s size.
Token Terminal also revealed that Tether has reportedly estimated $400 million in revenue over the last month. This has all come with increased competition as well. Earlier this year, PayPal announced the launch of its PYUSD stablecoin.
To this point, it has yet to threaten Tether’s status. Moreover, it has failed to live up to the high expectations connected to the name value of PayPal. Only reinforcing the firm position that USDT has on the overall growing market.
