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The dominant player in the stablecoin market, USDT, has achieved remarkable financial performance over the past year, garnering widespread attention in the cryptocurrency industry.
Reportedly, Tether recorded a net profit of $2.85 billion in the fourth quarter of last year, and its net profit for the entire 2023 reached $6.2 billion. This figure is equivalent to 78% of Goldman Sachs' net profit and 72% of Morgan Stanley's net profit. What's notable about this figure is that Tether has a relatively small workforce, with only about 100 employees. Therefore, when measured by net profit per employee, Tether's performance far exceeds that of peer financial institutions. The scale of USDT continues to expand, with its total circulating supply surpassing $107 billion, a 61.5% increase compared to the beginning of the year when it was $66.25 billion.
Across different blockchain networks, Tron accounts for more than half of the circulating supply of USDT, while Ethereum holds 40.46% of the share. Additionally, other blockchain networks such as BSC and Arbitrum also have some market share. Meanwhile, the second-largest stablecoin USDC has also experienced significant growth this year, with its total circulating supply reaching nearly $32 billion, a 34% increase compared to the beginning of the year. USDC has the highest proportion of circulation on Ethereum, accounting for about 75%, followed by other blockchain networks like Solana, Base, and Arbitrum.
The scale of stablecoins is often seen as an important indicator of liquidity in the cryptocurrency market. According to the latest data, over the past 30 days, the supply of USDT and USDC combined has increased by $10 billion, a growth rate that far exceeds the inflow of funds into Bitcoin ETFs during the same period. This suggests that the growth of stablecoins may more accurately reflect the demand conditions in the crypto market. |
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Post time 15-4-2024 07:01:11