Crypto Giant Tether Dominates Stablecoin Market
Crypto News – Tether, the leading company in the cryptocurrency sector, continues its remarkable expansion. The firm, known for issuing the USDT stablecoin, experienced a significant increase in its share of the global stablecoin market, rising from 50% to an impressive 71% throughout 2023, as reported by The Block.
In a further testament to its growing dominance, Tether recently achieved a milestone by exceeding 95 billion stablecoins in circulation. This figure surpasses the gross domestic product (GDP) of nations such as Guatemala and Bulgaria, illustrating the company’s vast economic influence. In contrast, its primary competitor, Circle’s USD Coin (USDC), currently has about 27 billion tokens in circulation, a notable decrease from its count of over 48 billion at the start of 2023.
The company also underwent a significant leadership transition recently. Paolo Ardoino, who served as the Chief Technology Officer for an extended period, ascended to the leadership position in December, replacing the former CEO Jean-Louis van der Velde, often characterized as “secretive.” Ardoino has actively been engaging with law enforcement and regulatory bodies. His efforts include freezing USDT in wallets sanctioned by the U.S. Office of Foreign Asset Controls (OFAC) and integrating law enforcement agencies into the platform, signaling a strategic shift towards greater regulatory compliance and cooperation.
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