Key Points
- Tether’s USD stablecoin supply is nearing 100 billion USDT, currently at an all-time high of 99.5 billion.
- Tether’s market capitalization has surpassed $100 billion, further distancing itself from the second largest stablecoin, USDC.
Tether’s USD stablecoin, the largest of its kind globally, is nearing a circulating supply of 100 billion USDT. The supply of this dollar-pegged stablecoin is at an unprecedented peak of about 99.5 billion.
The market capitalization of Tether, calculated by multiplying supply by price, exceeded $100 billion at one point due to price fluctuations. Tether asserts on its official website that each USDT token is pegged at a 1:1 ratio with the U.S. dollar.
Growth of Tether
The supply of Tether has expanded in tandem with the surge in Bitcoin and the overall cryptocurrency market this year. Major events like the introduction of spot bitcoin ETFs in the U.S. have been significant contributors. As of January 1, the market capitalization of the dollar-pegged stablecoin was $91.69 billion, as per CoinMarketCap data.
With this growth, Tether has widened the gap with Circle’s USDC, the second-largest stablecoin. The circulating supply of USDC is 28.9 billion.
Tether’s Record Profit
In the last quarter of the previous year, Tether reported a record net profit of $2.9 billion. A significant portion of this profit was derived from the appreciation of the company’s holdings in U.S. Treasuries, Bitcoin, and gold, as stated in its attestation report.
