Tether’s total assets are not far away from $100 billion following a monumental rise over the past six years.
The current figure for the firm’s total assets is $95.2 billion, according to its transparency report. Of that amount, $92 billion is in the dollar-pegged stablecoin, USDT.
Tether Keeps Growing
On Jan. 3, Tether and VanEck strategy advisor Gabor Gurbacs reaffirmed his support for the firm, adding, “Like the Bitcoin ETF, many thought I was crazy.”
“USDT market cap was under $100 million in the spring of 2017 when I flagged to Wall Street that Tether has the potential to reach $100 Billion.”
Tether total assets are approaching $95 Billion.
USDT mcap was under $100 million in the spring of 2017 when I flagged to Wall Street that Tether has the potential to reach $100 Billion.
I supported Tether since then publicly. Like the Bitcoin ETF, many thought I was crazy. pic.twitter.com/BcKeIDvj3D
— Gabor Gurbacs (@gaborgurbacs) January 2, 2024
Since the beginning of 2018, just six years ago, Tether’s market capitalization has grown a whopping 6,560%.
The investment expert offered some lessons he has learned from his continued support of Tether, which appears to be morphing into a CBDC.
“Investors generally underestimate exponential innovations,” he said before adding that small, capable teams that are stubborn can bring to life exponential innovations.
“Listen to the guy with the ambitious project/prediction that sounds crazy at the time.”
On Jan. 3, Tether CTO Paolo Ardoino simply stated that the firm had a good fourth quarter.
Tether has been profiting from high yields on US Treasury bills and using a portion of their profits to buy Bitcoin.
Tether’s Q4/2023 was impressive.
— Paolo Ardoino 🍐 (@paoloardoino) January 2, 2024
According to its reserves report, 85.7% of Tether reserves are “Cash and Cash Equivalents and Other Short-Term Deposits.”
Of this amount, 76.4% are US Treasury bills, 11% are overnight reverse repurchase agreements, and 11% are money market funds.
Stablecoin Ecosystem Outlook
Stablecoins currently represent 7.2% of the total crypto market capitalization with $132 billion. This percentage has fallen from the 16-17% of the market that stablecoins represented in 2022.
Tether commands the lion’s share of this total, with a market dominance of almost 70%. Over the past 12 months, its supply has grown by almost 40% while its major rivals have declined.
Circle’s USDC supply has shrunk by 44% over the past year to its lowest level since June 2021. There are just $24.8 billion in USDC circulating, giving it a market share of almost 19%.
MakerDAO’s DAI is the third largest stablecoin with $5.3 billion in circulation, and TrueUSD (TUSD) is fourth with $2.3 billion.
Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).
- SEO Powered Content & PR Distribution. Get Amplified Today.
- PlatoData.Network Vertical Generative Ai. Empower Yourself. Access Here.
- PlatoAiStream. Web3 Intelligence. Knowledge Amplified. Access Here.
- PlatoESG. Carbon, CleanTech, Energy, Environment, Solar, Waste Management. Access Here.
- PlatoHealth. Biotech and Clinical Trials Intelligence. Access Here.
- Source: https://cryptopotato.com/tether-eating-all-other-stablecoins-as-total-assets-approaches-100b/
- :has
- :is
- :not
- $100 million
- 1
- 12
- 12 months
- 2%
- 2017
- 2018
- 2021
- 2022
- 7
- 8
- a
- According
- adding
- advisor
- ago
- agreements
- AI
- All
- almost
- also
- ambitious
- amount
- and
- appears
- approaches
- approaching
- Ardoino
- ARE
- AS
- Assets
- At
- away
- background
- banner
- BE
- been
- before
- Beginning
- Billion
- Bills
- binance
- Binance Futures
- Bitcoin
- Bitcoin ETF
- border
- bring
- buy
- buy bitcoin
- by
- CAN
- capable
- capitalization
- Cash
- circulating
- Circulation
- color
- content
- continued
- crazy
- crypto
- Crypto Market
- CTO
- Current
- Currently
- DAI
- deposits
- Dominance
- ecosystem
- end
- enjoy
- equivalents
- ETF
- Exclusive
- expert
- exponential
- external
- Fallen
- far
- Fees
- Figure
- Firm
- First
- flagged
- following
- For
- Fourth
- Free
- from
- funds
- Futures
- generally
- Giving
- good
- grown
- Gurbacs
- Guy
- had
- Have
- he
- High
- his
- HTTPS
- i
- impressive
- in
- innovations
- internal
- into
- investment
- IT
- ITS
- Jan
- jpg
- june
- just
- keeps
- largest
- learned
- Lessons
- Level
- Life
- like
- lowest
- lowest level
- major
- many
- Margin
- Market
- Market Capitalization
- Market Dominance
- market share
- might
- million
- money
- money market
- months
- monumental
- None
- of
- off
- offer
- offered
- on
- Other
- over
- overnight
- Paolo
- past
- percentage
- plato
- Plato Data Intelligence
- PlatoData
- portion
- potential
- profits
- publicly
- Quarter
- reach
- Reading
- reaffirmed
- receive
- register
- report
- represent
- represented
- reserves
- reverse
- Rise
- rivals
- Said
- Share
- short-term
- simply
- since
- SIX
- small
- solid
- some
- sounds
- Sponsored
- spring
- stablecoin
- Stablecoins
- stated
- Strategy
- street
- supply
- support
- Supported
- teams
- Tether
- Tether CTO
- that
- The
- their
- then
- There.
- Third
- this
- thought
- time
- to
- Total
- Transparency
- treasury
- trueusd
- tusd
- under
- us
- US Treasury
- US Treasury Bills
- USDC
- USDT
- using
- VanEck
- Wall
- Wall Street
- was
- when
- which
- while
- with
- year
- years
- yields
- Your
- zephyrnet