Tether’s market share grew 21 points in 2023 to capture two-thirds of total stablecoin supply

Crypto’s most valuable company is only getting bigger. Tether, the company that issues the USDT stablecoin, saw its share of the global stablecoin supply grow from 50% to 71% over the course of 2023, according to data from The Block.

Furthermore, the company has over 95 billion stablecoins in circulation, a sum larger than the GDP of countries like Guatemala and Bulgaria. Its biggest current rival, Circle’s USD Coin (USDC), has merely 27 billion tokens in circulation, after starting 2023 with over 48 billion.

Tether recently faced a change in leadership, with longtime CTO Paolo Ardoino taking over the reins in December from former CEO Jean-Louis van der Velde, who has been described as “secretive.” Ardoino has been making efforts to cozy up to law enforcement and regulators in recent months by freezing USDT held in wallets sanctioned by the U.S. Office of Foreign Asset Controls (OFAC) and by “onboarding” law enforcement agencies onto the platform.

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