Tether’s USDT market share soars to 75% as record exchange rates are reached.
Tether’s USDT stablecoin now has a huge 75% share of the stablecoin market. This is a big jump from two years ago, when it only had a 55% share. This rise shows how important USDT is becoming as a link between regular currencies and cryptocurrencies.
With an existing quantity of $118 billion, USDT’s power in the crypto market shows how important it is. In the past month, Tether has made an amazing $400 million, solidifying its place as the market leader in stablecoins. This comes after a record-setting first quarter of 2024, when Tether made more than $5 billion in profits, mostly from investments in Bitcoin and gold.
Tether’s business and cash growth
Tether’s recent success shows that its finances are in good shape and that it is growing strategically. The company made $5.2 billion in profits in the first quarter of 2024. Of that amount, $3.52 billion came from investments and $1 billion came from running the business. This strong financial position helps Tether continue to grow and implement its plans to improve its compliance team by hiring twice as many people by the middle of 2025.
Keep track of exchange balances
In August 2024, $20.3 billion worth of USDT was held on crypto platforms, which was a new high. This important point shows that buyers are either getting ready for changes in the market or for new trading chances. During both market downturns and rises, there is a general trend for exchanges to hold more USDT. This is because traders are making smart moves to control risk or take advantage of market conditions.
Overall, Tether’s rising market share and financial successes show how much of an effect it has had on the world of digital assets and how important it is to the way cryptocurrencies are changing.
