• Tether’s (USDT) stablecoin market share is approaching 50% for the first time since December 2021.
• Tether has added an additional $2.4 billion USDT this year, bringing its circulating supply to $68.4 billion.
• Despite the crypto winter that led to the collapse of several companies in the sector in Q4 2022, Tether still managed to make more than $700 million in net profits.
Tether’s USDT Approaches 50% Market Share
Tether’s (USDT) stablecoin market share is approaching 50% for the first time since December 2021 and is once again consolidating as cryptocurrency’s preferred pegged token. The largest stablecoin issuer now has a $68.4 billion circulating supply, an increase of around 3%, after deploying an additional $2.4 billion USDT this year.
Whale Alert Reveals Addition Of Billion USDT
Whale Alert took to Twitter and revealed that stablecoin issuer Tether has added an additional billion USDT. The good news around Tether comes at a time when Paxos has stopped issuing Binance’s BUSD which has been tagged as unregistered security by the SEC with a $16 billion market cap at the time of writing making it seventh-largest cryptocurrency by market value.
Consolidated Reserves Report Examined By BDO
The Consolidated Reserves Report (CRR) for Tether as of December 31, 2022 was examined in BDO’s independent accountant report which was made public on February 8th. The CRR showed that Tether boosted its allocation for US Treasury Bills which now account for 58% of its assets while decreasing its secured loans by $300 million.
Tether Achieves Profits Despite Crypto Winter
Despite the crypto winter that led to the collapse of several companies in the sector in Q4 2022, the company nevertheless managed to make more than $700 million in net profits according to Tether CTO Paolo Ardoino who said “Having a safe conservative and profitable business that doesn’t require begging for funds from VCs has been always primary focus of Tether“.
Crypto Market Favors Stablecoins Like USDT
The cryptocurrency market has long been consumed by the fire surrounding utility tokens but with regulators clamping down on such projects many investors have shifted their focus towards less volatile alternatives like USDT or other stablecoins instead – further driving up demand for these coins and increasing their overall market share even further