Tether leads stablecoin market, valued at almost $100 billion.

Tether (USDT) shows its dominance in the stablecoin market share with a valuation of almost US$100 billion, around 69.69% of the total stablecoin valuation.

Tether Strengthens Stablecoin Market Share Dominance

On January 3, 2023, VanEck's strategic advisor, Gabor Gurbacs, reiterated his support for Tether.
“Marketcap USDT was below US$100 million in the spring of 2017 when I told Wall Street that Tether had the potential to reach US$100 billion," said Gurbacs.

Tether total assets are approaching $95 Billion.

USDT mcap was under $100 million in the spring of 2017 when I flagged to Wall Street that Tether has the potential to reach $100 Billion.

I supported Tether since then publicly. Like the Bitcoin ETF, many thought I was crazy. pic.twitter.com/BcKeIDvj3D
— Gabor Gurbacs (@gaborgurbacs) January 2, 2024

As of this article being written (4/1/24), USDT has a valuation of US$92 billion, requiring only an 8.7% increase in valuation to reach US$100 billion. Since the beginning of 2018, which was six years ago, Tether's market capitalization has grown by 6,560%.
Tether has benefited from high yields on US Treasury bonds and used some of its profits to buy Bitcoin.
According to the reserve report, 85.7% of Tether's reserves are cash and cash equivalents and short-term deposits. Of this amount, 76.4% were US Treasury bonds, 11% were overnight repurchase agreements, and 11% were money market funds.
Image: Marketcap stablecoin. Source: Coinmarketcap
Stablecoins currently represent 7.2% of the total crypto market capitalization at US$131.3 billion. Tether dominates the stablecoin market share with 69.69% market dominance. Over the last 12 months, its supply grew by around 40%.
Meanwhile closest rival, Circle's USDC saw its supply decrease by 44% over the past year, reaching its lowest level since June 2021. There is only US $24.9 billion USDC equivalent in circulation with a market share of 18.9%.
MakerDAO's DAI is the third-largest stablecoin with the equivalent of US$5.3 billion in circulation, and TrueUSD (TUSD) is in fourth place with the equivalent of US$2.3 billion in circulation.