USDT’s share in the total volume of stablecoins reached 71%

The figure grew by 21% over 2023

15.01.2024 - 12:40

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What’s new? The share of the USDT stablecoin from the Tether issuer in the total global stablecoin supply in 2023 rose from 50% to 71%. The volume of USDT in circulation exceeded the mark of 95 billion coins with a similar value in US dollars, which is more than the GDP of Bulgaria or Guatemala. At the same time, the capitalization of the asset’s main competitor, Circle’s USDC, fell by 46% over the year to $26 billion.

The Block’s material

What else is known? In December, the new head of Tether, Paolo Ardoino, who previously served as CTO, said that in the next six months, the company will invest $500 million in bitcoin mining. The investment includes a loan to Germany’s Northern Data AG, Europe’s largest miner, as well as building farms in El Salvador, Uruguay, and Paraguay. At the time, the company’s unrealized gains from investments in bitcoin itself exceeded $1,1 billion.

Together with the government of El Salvador, Tether launched a citizenship program for bitcoin and USDT investments in the local economy.

El Salvador will begin issuing citizenship for $1 million investments in the form of BTC and USDT

The visa program was implemented jointly with the USDT issuer, Tether

Also, the senior executive said that in 2024 the company will release five new projects, some of which are capable of destroying popular centralized services in the Web 2.0 segment. Among them: a payment application for USDT based on the Lightning Network bitcoin protocol and Moria mining capacity management software.

At the same time, American politicians and non-governmental organizations began to declare the growing popularity of USDT among criminals. In response, the company froze all USDT wallets from the US sanctions list, without waiting for an order from the authorities, and also connected the FBI and the Secret Service to its platform.

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