USDT market value hits record high
Source: beincrypto
Compile:Blockchainknight
Tether's largest stablecoin, USDT, is continuing to grow, further consolidating its dominance in the market.
According to Bein Crypto,USDT’s market value approaches $120 billion for the first time.
Last week, Tether wasBlockchain$1 billion worth of USDT was minted on the exchange, bringing its market cap to $119 billion.
BlockchainThe platform SpotOnChain revealed,Tether has minted $35 billion worth of USDT in the past year.
This growth has solidified USDT’s position as the largest stablecoin.
It’s worth noting that USDT’s closest competitor, Circle’s USDC, is still quite small, with a market share of less than one-third of Tether’s.
As of Q2 2024, Tether holds over $97 billion in U.S. Treasuries and repurchase agreementsThat makes the company the world’s 18th-largest holder of U.S. Treasuries, surpassing countries such as Germany, the United Arab Emirates and Australia.
Stablecoins are one of the most practical applications of Crypto assets in the real world, providing a stable alternative to unstable digital assets.
These assets have seen significant adoption in emerging markets such as Nigeria, which are increasingly relying on them for savings, payments and cross-border transactions.
Notably, this has significantly increased Tether’s adoption rate.USDT stablecoin has more than 350 million users worldwide.
According to Token TerminalXiaobai NavigationData shows that the company's net profit exceeded $400 million in the past 30 days.
At the same time, Tether has also expanded into areas such as agriculture and reorganized its business into four divisions, including finance, data, education and electricity.
This diversification supports the company’s efforts to promote USDT issuance and invest in ventures such as artificial intelligence and BTC mining..
Despite the growth,But Tether also faces criticism.
Consumer research groups have expressed concerns about the risks posed by Tether’s business model, saying it could face significant user risks. In addition, some market observers have also raised alarms about the company’s reserves.
The article comes from the Internet:USDT market value hits record high
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