tl;dr
Tether's USDT, the largest stablecoin, is approaching a market capitalization of $120 billion for the first time. Tether recently minted $1 billion worth of USDT on the Ethereum blockchain, bringing its market cap to $119 billion. Over the past year, Tether has minted $35 billion worth of USDT, soli...
Tether's USDT Market Capitalization Tether's USDT, the largest stablecoin, is approaching a market capitalization of $120 billion for the first time. Tether recently minted $1 billion worth of USDT on the Ethereum blockchain, bringing its market cap to $119 billion. Over the past year, Tether has minted $35 billion worth of USDT, solidifying its position as the largest stablecoin.
Tether holds over $97 billion in US Treasuries and repurchase agreements, making it the 18th largest holder of US Treasuries globally. With over 350 million users globally, Tether's high adoption has proven significantly profitable, netting more than $400 million in the last 30 days.
However, Tether has faced criticism, including concerns about its business model and reserves.
According to BeinCrypto data, USDT’s market capitalization is approaching $120 billion for the first time. TETHER USDT APPROACHES $120 BILLION Sponsored Sponsored
Earlier this week, Tether minted $1 billion worth of USDT on the Ethereum blockchain, bringing its market cap to $119 billion. Blockchain platform SpotOnChain revealed that Tether has minted $35 billion worth of USDT in the past year. This growth cements USDT as the largest stablecoin. Notably, Circle’s USDC, USDT’s closest competitor, remains significantly smaller, holding less than one-third of Tether’s market share. Tether Tokens In Circulation
As of Q2 2024, Tether holds over $97 billion in US Treasuries and repurchase agreements. This makes the firm the 18th largest holder of US Treasuries in the world, surpassing countries such as Germany, the UAE, and Australia.
Notably, this has boosted Tether’s adoption considerably, with the USDT stablecoin having more than 350 million users globally. The high adoption has helped the firm’s business model, which has proven significantly profitable, netting more than $400 million during the last 30 days, according to Token Terminal data. Meanwhile, Tether has expanded into sectors like agriculture and restructured its operations into four divisions, including finance, data, education, and power. This diversification supports the company’s efforts to boost USDT distribution and invest in ventures like AI and Bitcoin mining.
Despite its growth, Tether has faced criticism. Consumers’ Research has raised concerns about the risks posed by Tether’s business model, citing potential exposure to significant user risks. Also, several market observers have raised alarms over the firm’s reserves. Best crypto platforms in Europe | September 2024 YouHodler YouHodler Explore Wirex App Wirex App Explore M2 M2 Explore Coinbase Coinbase Explore BYDFi BYDFi Explore Best crypto platforms in Europe | September 2024 YouHodler YouHodler Explore Wirex App Wirex App Explore M2 M2 Explore Coinbase Coinbase Explore BYDFi BYDFi Explore Best crypto platforms in Europe | September 2024 YouHodler YouHodler * Wirex App Wirex App * M2 M2 * Coinbase Coinbase * BYDFi BYDFi * TRUSTED