USDT Hits a Important Milestone as It Dominates the Stablecoin Market With $115B Market Share

The stablecoin market, a vital a part of the crypto market with 8.18% of the full cryptocurrency market, continues to surge by hitting a $165 billion market cap.

USDT (Tether) makes up 69.66% of the stablecoin market, which quantities to a $115 billion market cap, an enormous dominance over the opposite stablecoins.

Whereas USDT has all the time been dominant within the stablecoin market, over 70% of the stablecoin market has been generated from USDT alone previously one 12 months.

The second stablecoin behind USDT is USDC, which holds a market capitalization of $34.5 billion, adopted by DAI, which has a market cap of $5.3 billion.

The current milestone hit by USDT outcomes from the rise in demand because of the current volatility skilled within the crypto market. As reported by Lookonchain on the X platform, $1.3 billion USDT has been transferred from TetherTreasury to exchanges for the reason that market crash on August 5.

These transfers had been made to crypto exchanges, together with OKX, Coinbase, Kraken, and Binance, amongst others.

Not solely has there been excessive demand for USDT, however USDT has all the time been a well-liked possibility for buying and selling and holding worth within the crypto market.

Nonetheless, the current USDT development is underneath scrutiny as a report has alleged that there was misuse of this stablecoin for unlawful actions and by sanctioned entities.

The corporate itself are making an effort to observe these unlawful and illicit actions, which contain stablecoin merchandise on the secondary market. In July alone, they froze a TRON community handle holding about 29.62 million USDT.

They plan to place extra effort into monitoring illicit actions, as they’ve introduced plans to double their workforce by mid-2025 to bolster compliance with regulatory legal guidelines, and so they have additionally introduced a partnership with blockchain knowledge safety platform Chainalysis to create instruments for monitoring secondary market actions involving illicit funds.

The current milestone reached by USDT is basically no shock to many, because the monetary report launched only a week in the past exhibits they hit $5.2 billion within the first half of 2024, a brand new file since USDT Tether began operation. They achieved these earnings regardless of having a smaller workforce, which they plan to double by mid-2025.