USDT (Tether) is by far the most commonly used stablecoin. USDT also had a great 2023. The stablecoin strengthened its position and USDT's market share grew by up to 21 percent. This makes USDT more than two-thirds of the total stablecoin supply on the crypto market.
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USDT crypto stablecoin strengthens position
In 2023, USDT’s competitors had no chance. Tether achieved significant growth compared to all competitors. USDT’s total market share is currently 71 percent. At the beginning of 2023, USDT market share was around 50 percent. This emerges from data from the American crypto platform TheBlock.
The total number of USDT tokens in the market currently stands at 95 billion. That's more than the gross domestic product of countries like Guatemala and Bulgaria. The number two stablecoin market, USDC, is worth around 27 billion tokens. This is a significant decline for USDC. At the beginning of 2023, the number of USDC tokens on the market was still 48 billion.
So things are going well with Tether. While the stablecoin was criticized for a long time, everything now seems to be going well. The dominance of USDT continues to increase and the competition bites the dust.
Tether has a new CEO
In October, Tether announced a big change. Paolo Ardoino, former CTO of Tether, took over the position of CEO from Jean-Louis van der Velde, who is now taking on an advisory role.
At the time, Ardoino was satisfied with the new step in his career and sees great success for his company. So far his plans seem to be coming true.
“I am excited and honored to take on the role of CEO of Tether. During my career, which started at Bitfinex in 2014 and later at Tether in 2017, I had the opportunity to meet many people. People who became good friends and family. And as a family we have achieved incredible results. We dream together. We develop together. Together we are unstoppable.”
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