Tether’s Market Share Hits Two-Year High of 63%

04/22/2023 14:15 • AI & Tech Insights • 64 views

On April 22nd, according to Blockworks Research data, Tether’s stable currency market share has reached 63%, the highest point in two years. In addition, USDT’s market value hit $81.5 billion on Thursday, reaching its highest level since May 2022, and is currently $2 billion away from its historical high of $83.4 billion.

Data: Since the beginning of this year, Tether has issued an additional $15 billion in USDT

On April 22nd, Blockworks Research data revealed that Tether’s stable currency market share had gone up to 63%, the highest it has been in two years. Additionally, USDT’s market value hit $81.5 billion, reaching its highest level since May 2022, and is now only $2 billion away from its historical high of $83.4 billion.

What is Tether?

Tether (USDT) is a stablecoin that aims to maintain its value at 1:1 with the US dollar. The company behind the currency, Tether Limited, claims to hold an equal amount of US dollars as the number of USDT in circulation, making it a popular choice for traders to convert their cryptocurrencies into a stable currency without having to cash out in US dollars.

Tether’s Market Share

According to Blockworks Research data, Tether’s market share has increased to 63%, which is a significant increase from its market share of 35% in 2019. One of the reasons for this surge in popularity is the increase in institutional adoption of cryptocurrencies, where traders are looking for a stable and reliable currency to trade with.

USDT’s Market Value Surge

The surge in market share has also led to a significant increase in USDT’s market value. USDT’s market value is currently at $81.5 billion, which is the highest it has been since May 2022. The increase in demand for USDT can be attributed to its ability to provide a stable trading experience and reduce the volatility of other cryptocurrencies in the market.

Tether’s Controversies

Tether has had its fair share of controversies in the past. One of the most significant issues that the company faced was the accusation of not having enough reserve funds to match the number of USDT in circulation. The company resolved this issue by undergoing an audit, which revealed that Tether holds significant assets to match the number of USDT in circulation.
Another controversy that the company faced was its association with Bitfinex, a cryptocurrency exchange. The two companies were accused of engaging in insider trading, manipulating the market, and facilitating money laundering. Tether has since separated from Bitfinex and operates independently.

Conclusion

Tether’s stable currency continues to gain popularity among traders due to its ability to provide a stable trading experience in the highly volatile cryptocurrency market. The surge in demand for USDT has boosted its market share and market value, making it one of the most sought-after stablecoins in the market.

FAQs

Q1. Is Tether a cryptocurrency?
A: Tether is a stablecoin that aims to maintain its value at 1:1 with the US dollar.
Q2. What is USDT’s market value?
A: USDT’s current market value is $81.5 billion, which is the highest it has been since May 2022.
Q3. Has the controversy affected Tether’s market share?
A: Despite the controversies that Tether has faced, its market share has continued to increase, reaching 63% on April 22nd.

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