- Tether USDT has grown its market share from 55% to 75% over the past two years.
- The company generated $400 million in revenue over the last 30 days alone.
- USDT balances on exchanges hit a record $20.3 billion as traders prepare to deploy funds.
Tether’s US dollar-backed stablecoin, USDT, has expanded its dominance in the stablecoin market, now holding 75% of the total market share. This growth marks a substantial increase from the 55% it controlled just two years ago, according to data shared by onchain analytics platform Token Terminal. Tether’s current supply stands at $118 billion, reflecting the steady rise in its influence across the cryptocurrency ecosystem.
Tether’s Recent Revenue Growth
Tether has also generated significant revenue, bringing in approximately $400 million over the 30-day period leading up to September 16. This impressive figure follows a record-breaking first quarter in 2024, where Tether posted a $4.5 billion profit. Most of these profits came from gains in assets like Bitcoin and gold, with $1 billion attributed to its core operations.
Jesse Spiro, PayPal’s former head of regulatory relations, recently joined Tether as head of government affairs, further solidifying the company’s commitment to regulatory compliance and expansion efforts.
Record USDT Balances on Exchanges
Another notable development is the surge in Tether’s USDT balances on cryptocurrency exchanges, which hit an all-time high of $20.3 billion as of August 13. This surge may indicate that investors are preparing to deploy stablecoins into crypto assets, especially as market conditions shift between bearish and bullish cycles.
Tether has shown significant growth and plans to continue expanding, with aims to double its workforce to 200 employees by mid-2025, focusing particularly on compliance operations.
