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In 2023, Tether’s (USDT) stablecoin market share increased from 50% to 71%. 
According to Glassnode, since the beginning of 2023, the supply of <a href="https://crypto.news/price/tether/">USDT</a> stablecoin has increased by $28.7 billion. At the same time, on Jan. 14, 2024, the <a href="https://crypto.news/tethers-marketcap-reaches-new-milestone-of-90b/">capitalization</a> of USDT reached $95 billion. 
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 <img loading="lazy" decoding="async" width="1024" height="576" src="https://crypto.news/app/uploads/2024/01/glassnode-studio_stablecoins-aggregate-supplies-1024x576.png" alt="Tether expands market share by 21% in 2023 - 33" class="wp-image-14238297">
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 Source: Glassnode
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For comparison, USDT’s closest competitor is <a href="https://crypto.news/price/usd-coin/">USDC</a>. Like the rest of the stablecoins on this list, Circle’s token is in a recession. 
Since the beginning of 2023, the supply of the asset has decreased by $17.78 billion, according to Glassnode. The decline in Circle’s share is due to several factors, one of which is the spring 2023 depeg caused by the <a href="https://crypto.news/silicon-valley-bank-collapsed-here-are-the-companies-affected/">collapse of Silicon Valley Bank</a>. 
In early January 2024, Tether added $1 billion to USDT reserves on the Tron network again. The last time it replenished its reserves was in December 2023. Then Tether issued 1 billion USDT. 
The company’s new CEO, Paolo Ardoino, also called the USDT <a href="https://crypto.news/tag/stablecoin/">stablecoin</a> an example of resilience and innovation. It has become a product used and trusted by “hundreds of millions of people,” he said. 
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 I remember when I spoke for the first time in front of a public audience about <a href="https://twitter.com/Tether_to?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">@Tether_to</a> . It was March 2020, in London, at the CryptoCompare conference. The title of my speech was "Tether: a story of innovation". I never did public speaking before. I was excited and quite shy…— Paolo Ardoino 🍐 (@paoloardoino) <a href="https://twitter.com/paoloardoino/status/1739707745106894985?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">December 26, 2023</a>
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He also shared plans for the current year, noting that <a href="https://crypto.news/tag/Tether/">Tether</a> plans to launch several new products and consolidate existing solutions, expressing confidence in the company’s further development via the introduction of valuable functions and new investments. 
 Read more: <a href="https://crypto.news/arthur-hayes-foresees-banking-giants-overtaking-tethers-stablecoin-dominance/"> Arthur Hayes foresees banking giants overtaking Tether’s stablecoin dominance </a>

Tether expands market share by 21% in 2023

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