had an impressive year in 2023. Tether turned out to be by far the most used stablecoin of 2023. In addition, the cryptocurrency strengthened its position as market leader and increased its market share by a solid 21%. Thanks to this successful year, USDT now represents over 75% of all stablecoins available in the crypto market.
USDC solidifies its leading position
In 2023, Tether (USDT) completely surpassed its competition. The cryptocurrency experienced significant growth compared to its competitors. Currently, there are a whopping 95 billion USDT tokens in circulation. The second largest player in the stablecoin market, USDC
, has approximately 27 billion tokens in circulation. This represents a significant decrease for USDC, as there were still 48 billion USDC tokens on the market at the beginning of 2023.
We can therefore conclude that Tether is doing well. This is notable, as the stablecoin has received a lot of criticism in the past.