The stablecoin market is a major a part of the cryptocurrency market, accounting for 8.18% of the entire cryptocurrency market, and continues to develop quickly with a market capitalization of $165 billion.

USDT (Tether) accounts for 69.66% of the stablecoin market with a market capitalization of $115 billion, far surpassing different stablecoins.

USDT has at all times dominated the stablecoin market, however prior to now yr, over 70% of the stablecoin market has been generated by USDT alone.

The second largest stablecoin after USDT is USDC with a market cap of $34.5 billion, adopted by DAI with a market cap of $5.3 billion.

USDT's latest milestone comes on account of elevated demand as a result of volatility not too long ago skilled within the cryptocurrency market. Look on Chain On the X Platform, $1.3 billion in USDT has been transferred from the Tether Treasury to exchanges for the reason that market crash on August fifth.

These transfers have been made to cryptocurrency exchanges equivalent to OKX, Coinbase, Kraken and Binance.

Not solely is there excessive demand for USDT, it has additionally persistently been a preferred alternative for buying and selling and storing worth within the cryptocurrency market.

Nevertheless, USDT’s latest development has come below scrutiny amid reviews of the stablecoin being misused for unlawful actions and by sanctioned entities.

The corporate itself continues to make efforts to observe these unlawful and illicit actions involving stablecoin merchandise within the secondary market: in July alone, the corporate froze a TRON community deal with holding roughly 29.62 million USDT.

The corporate has introduced plans to double its workforce by mid-2025 to strengthen compliance with regulatory legal guidelines, and plans to place extra effort into monitoring for criminal activity. It additionally introduced a partnership with blockchain knowledge safety platform Chainalysis to create a instrument to observe secondary market exercise involving illicit funds.

USDT's latest milestone comes as no shock to many: in line with a monetary report launched only a week in the past, it hit $5.2 billion in income within the first half of 2024, a brand new file since USDT Tether started operations. The corporate achieved this income regardless of having a small variety of workers, and plans to double its workforce by mid-2025.