Tether’s Treasury has recently minted $1 billion worth of USDT to bolster its inventory for future issuance and enhance liquidity.
This move comes in response to rising demand for stablecoins, particularly on the Tron network, where USDT has seen increasing adoption. As the dominant player in the stablecoin market, USDT now controls a staggering 75% share, up from 55% just two years ago.
USDT Balance On Exchanges Hits A Record High In August
Currently, the total supply of USDT stands at around $118 billion, and its balance on crypto exchanges reached a record high of $20.3 billion in August. This increase in supply and liquidity underscores Tether’s role as a critical player in the global crypto economy, especially as the demand for stablecoins continues to rise.
Tether’s recent success isn’t limited to supply metrics. In the last 30 days alone, Tether generated approximately $400 million in revenue. The company also reported a record profit of over $4.5 billion in Q1 2024, largely driven by investments in Bitcoin and gold. This profitability highlights Tether’s ability to not only maintain its position in the market but also grow its financial standing.
USDT – 75% of the stablecoin market, up from 55% two years ago.
Current USDT supply is approximately $118 billion.
USDT balance on crypto exchanges reached a record high of $20.3 billion in August.
Generated about $400 million in revenue in the past 30 days.… https://t.co/MsBidz1dls
— Token Dispatch (@tokendispatch_) September 17, 2024
Looking ahead, Tether has ambitious plans to expand its operations, with a goal to double its workforce to 200 employees by mid-2025. This expansion will focus on strengthening compliance efforts, which is becoming increasingly critical in the evolving regulatory landscape of the cryptocurrency industry.
With growing demand and impressive financial performance, Tether remains a key player in the stablecoin market, and its recent moves are set to further cement its position as a leader in the space.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any projects.
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