At the beginning of January, the market supply of the leading stablecoin Tether (USDT) was less than $93 billion, with the company’s total assets valued at $95.2 billion.
Glassnode analysts emphasized that this week the market supply of the stablecoin exceeded $95 billion for the first time in its history.
On January 17, USDT capitalization reached $95.039 billion. In 2023, Tether’s dominance in the market for dollar-linked digital currencies increased from 50% to 71%.
In parallel, there is a growing use of USDT in Asian markets. According to the UN, this digital asset has become frequently used by criminal communities for money laundering.
The supply of USDT increased due to the entry of capital, which had previously accumulated in the USDC token. Its supply decreased from $48 billion to $27 billion over the year.
Recently, Tether’s new CEO Paolo Ardoino said that his company’s excess reserves exceeded $3 billion.
The USDT issuer has sufficient resources to fulfill its obligations to all investors.