Stablecoin Market Hits 2-Year High as Tether Records $5.2B Profit
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Tether’s USDT has driven the stablecoin market to its highest levels in two years. According to a recent report by Intotheblock, the stablecoin sector is witnessing unprecedented growth, largely propelled by USDT’s performance.
Tether, the company behind USDT, announced a remarkable profit of $5.2 billion in the initial half of 2024, emphasizing the coin’s impressive growth pattern. Despite the market’s overall dip, USDT has continuously reached new peaks in July, showcasing its strength and steady upward trend.
Source: IntotheBlock
USDT’s dominance within the stablecoin market becomes increasingly apparent. With a market capitalization nearing $120 billion, USDT emerges as the most significant and influential stablecoin.
A noteworthy achievement lies in its historically low volatility recorded in July, indicating a phase of stability for the token. This predominance reflects in its market share, consistently lingering around 70% in 2024, solidifying USDT’s core position in the stablecoin realm.
Source: IntotheBlock
Stablecoin Market Recovery Post-Terra UST Collapse
The recovery of Terra’s UST is an indication that the stablecoin market has grown. The market cap for stablecoins has gone up to levels not seen since then, implying renewed confidence and liquidity in the crypto-economy.
PayPal’s PYUSD has also contributed to this upward trend, achieving a market cap exceeding $620 million within just a year of its launch. This growth in the stablecoin market cap is a positive indicator of increased adoption and liquidity in the cryptocurrency space.
Source: IntotheBlock
The metrics of USDT on the chain further show its significant influence. During the year, over 18 million transactions per week took place on EVM chains, which were all-time high records for transactions in the history of stablecoins. Tron network is responsible for a large part of these transactions, accounting for 78% of the total.
Furthermore, there are currently 48 million addresses with the coin across Tron’s ecosystem, out of which 84% belong to tron, meaning that it is a key platform for extending USD accessibility through Tether, as aforementioned. In spite of facing different challenges and uncertainties at different times, USDT by Tether has managed to establish itself as an influential player in the cryptos market.
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