Introduction
As the cryptocurrency market continues to evolve, stablecoins have become an important component of the digital currency ecosystem. Tether (USDT), as the largest stablecoin by market capitalization, continues to expand its market share globally, especially among small-scale investors. The rapid growth of USDT not only reflects the demand in the cryptocurrency market but also provides important insights for the future development of stablecoins.
Stablecoin
Latest Price and Market Trends for USDT
USDT (USDT) Tether
NO.0
$1.00
-$0.00000000000
0%
Real-time data · 15:49:37
1.00
24H High
0.99817
24H Low
1.22
All-time High
0.56831
All-time Low
293.96 billion
24h Trading Volume
294.03 billion
24h Trading Value
—
Total Supply
138.34 billion
Market Cap
+0.42%
24h Price Fluctuation
138,308,884,820.1
Circulation Quantity
1.0008
Yesterday’s Opening Price
0.99962
Yesterday’s Closing Price
0%
Circulation Rate
Candlestick Chart
Trends
All
24H
7 Days
30 Days
Past Three Months
Past Year
let tabIdx = 0;
let timeIdx = 0;
let type = ‘all’;
$(‘.echarts_head .head_left_item’).click(function () {
$(‘.echarts_head .head_left_item’).removeClass(‘active’);
tabIdx = $(this).index();
$(this).addClass(‘active’);
if (tabIdx == 1) {
$(‘#tvChart’).hide();
$(‘#trendChart’).show();
return;
}
$(‘#trendChart’).hide();
$(‘#tvChart’).show();
})
$(‘.echarts_head .head_right_item’).click(function () {
$(‘.echarts_head .head_right_item’).removeClass(‘active’);
timeIdx = $(this).index();
$(this).addClass(‘active’);
})
var klineData;
getTjList();
function getTjList(start, interval, type) {
let url = ‘/e/extend/api/index.php?m=v2&c=kline&coin=binance_USDT_USDT&id=3’;
$.ajax({
url: url + ‘&start=’ + start + ‘&interval=’ + interval + ‘&type=’ + type,
data: ”,
type: ‘post’,
cache: false,
dataType: ‘json’,
success: function (resdata) {
klineData = resdata
setTimeout(function () {
initKline(type)
}, 500);
},
error: function (e) {
console.log(‘resdata e’, e);
// alert (“异常！”);
}
});
}
function initKline(type) {
let typeStr = type ? type : ‘all’
const periodTypeList = {
‘all’: 3,
‘d’: 14,
‘w’: 2,
‘m’: 2,
‘3m’: 3,
‘ydt’: 3,
}
const coinName = ‘USDT’;
const periodType = periodTypeList[typeStr];
// Sort the history data by time
const historyData = klineData
.sort((cur, next) => cur.T – next.T)
.map((item) => {
return {
time: item.T,
low: item.l,
high: item.h,
open: item.o,
close: item.c,
volume: item.v,
};
});
const exchange = “528BTC”;
const tradePair = `${coinName}/USDT`
const config = {
periodType,
datafeedConfig: {
periodType,
historyData,
symbolInfo: {
ticker: `${exchange}:${tradePair}`,
name: tradePair,
description: tradePair,
type: “528btc”,
exchange,
},
},
tradingViewConfig: {
symbol: `${exchange}:${tradePair}`,
interval: periodType,
container: `tvChart`,
},
}
let length = historyData.length <= 90 ? (historyData.length) - 1 : 90;
console.log(length)
const visibleRangeOption = {
// Set the visible range of the chart
from: historyData[length].time / 1000,
to: historyData[0].time / 1000,
};
const widget = generateTradingViewAndMount(config);
widget.onChartReady(() => {
const chart = widget.chart();
chart.setVisibleRange(visibleRangeOption);
});
//chart.setPriceVolumePrecision(8,8)
}
function changeKline(type) {
type = type;
const currentTimeStamp = Date.now();
// Calculate the timestamps for different time periods
const oneDayAgoTimeStamp = currentTimeStamp – (24 * 60 * 60 * 1000);
const sevenDaysAgoTimeStamp = currentTimeStamp – (7 * 24 * 60 * 60 * 1000);
const oneMonthAgoTimeStamp = new Date().setMonth(new Date().getMonth() – 1);
const threeMonthsAgoTimeStamp = new Date().setMonth(new Date().getMonth() – 3);
const oneYearAgoTimeStamp = new Date().setFullYear(new Date().getFullYear() – 1);
const time = {
‘all’: ”,
‘d’: oneDayAgoTimeStamp,
‘w’: sevenDaysAgoTimeStamp,
‘m’: oneMonthAgoTimeStamp,
‘3m’: threeMonthsAgoTimeStamp,
‘ydt’: oneYearAgoTimeStamp,
}
const interval = {
‘all’: ”,
‘d’: ‘5m’,
‘w’: ‘1h’,
‘m’: ‘1h’,
‘3m’: ‘1d’,
‘ydt’: ‘1d’,
}
if (tabIdx == 1) {
getTrendLine(type)
return;
}
getTjList(time[type], interval[type], type)
}
let bid = ‘USDT’
Highcharts.setOptions({
lang: {
rangeSelectorZoom: ”,
thousandsSep: ”
},
global: {
useUTC: false
}
});
getTrendLine(type)
function getTrendLine(type) {
$.getJSON(‘https://btccast.com/e/extend/api/index.php?m=news&c=kdata&type=’ + type + ‘&id=3&cid=3’, function (data) {
var T = [];
var u = [];
var b = [];
var a = [];
var v = [];
data.data.forEach(item => {
let [time, ui, bi, ai, vi] = item;
u.push([time, ui]);
b.push([time, bi]);
a.push([time, ai]);
v.push([time, vi]);
})
// Generate the trend line chart
chart1 = Highcharts.stockChart(‘trendChart’, {
chart: {
zoomType: ‘x’,
height: 520,
width: 780
},
colors: [‘#5984FB’, ‘#AE5CCC’, ‘#F7D049’, ‘#777’,
‘#24CBE5’, ‘#64E572’, ‘#FF9655’, ‘#FFF263’, ‘#6AF9C4’],
rangeSelector: {
selected: 5,
enabled: false,
inputDateFormat: ‘%Y-%m-%d’
},
scrollbar: {
enabled: false
},
tooltip: {
split: false,
shared: true,
dateTimeLabelFormats: {
millisecond: ‘%Y-%m-%d %H:%M’,
second: ‘%Y-%m-%d %H:%M’,
minute: ‘%Y-%m-%d %H:%M’,
hour: ‘%Y-%m-%d %H:%M’,
day: ‘%Y-%m-%d %H:%M’,
week: ‘%Y-%m-%d %H:%M’,
month: ‘%Y-%m-%d %H:%M’,
year: ‘%Y-%m-%d %H:%M’
}
},
yAxis: [{
title: {
text: ‘Total Volume’,
style: {
color: “#7cb5ec”
}
},
visible: false,
height: ‘80%’,
labels: {
formatter: function () {
return (this.value / 1000000000).toString() + ‘ billion’;
},
style: {
color: “#7cb5ec”
}
},
opposite: false,
}, {
title: {
text: ‘Price (USD)’,
style: {
color: “#009933”
}
},
visible: false,
labels: {
style: {
color: “#009933”
}
},
height: ‘80%’,
}, {
title: {
text: ‘Price (BTC)’,
style: {
color: “#f7931a”
}
},
visible: false,
labels: {
formatter: function () {
return this.value + bid;
},
style: {
color: “#f7931a”
}
},
height: ‘80%’,
}, {
title: {
text: ‘Volume’,
style: {
color: “#777”
}
},
visible: false,
labels: {
formatter: function () {
return (this.value / 1000000000).toString() + ‘ billion’;
},
style: {
color: “#777”
}
},
offset: ‘0’,
top: ‘80%’,
height: ‘20%’,
USDT Growth Driven by Small Investors and Decentralization Trend
Tether’s latest report reveals a significant increase in the number of USDT wallets over the past year. In 2023, USDT experienced a growth rate of 71%, compared to the previous year’s growth rate of 129%. Although the growth has slowed down, it still demonstrates strong momentum. Particularly after the collapse of FTX, many users turned to self-custody solutions, and USDT, as a highly liquid and low-volatility stablecoin, became the preferred choice for many small investors.
According to Tether’s data, many USDT wallets have balances below $1,000, indicating that stablecoins primarily attract middle to low-income individuals and users who do not rely on traditional banking systems. Nearly 30% of small wallets reactivate when funds are sufficient, further proving the position of USDT as a reliable financial tool.
Moreover, the global applicability of USDT is particularly prominent in emerging markets. Users rely on USDT for savings, trading, and dealing with financial restrictions. This trend has been further strengthened in early 2024. Especially in emerging markets such as Asia and Latin America, USDT has become the preferred tool for daily transactions for many users.
Competition Landscape of Tether and Other Stablecoins
Despite the volatility associated with stablecoins like USDC and DAI during market turmoil, USDT maintains its market dominance and continuous growth with its strong market share. Tether currently holds approximately 97.5% of the stablecoin market share and supports 25 blockchains. Compared to other stablecoins, the number of on-chain wallets for USDT is nearly four times that of its competitors, further solidifying its dominant position in the stablecoin market.
Furthermore, USDT is not only widely used in decentralized wallets but also deeply integrated into centralized platforms. Over 86 million accounts have received on-chain deposits, demonstrating the widespread use of USDT in exchanges and other platforms. As the market expands, Tether continues to strengthen its role in the global payment ecosystem.
Multidimensional Competition in the Stablecoin Market: Participants and Value Distribution
The stablecoin market is not limited to a single domain; it involves multiple key aspects, each with its unique value acquisition methods. To fully understand the future development of stablecoins, it is necessary to analyze the following important participants and tracks:
1. Settlement Rails
This is one of the most promising areas in the stablecoin market. Settlement rails rely on deep liquidity, low fees, fast settlement, and stable system availability. With the increasing demand for payments, Layer 2 solutions and dedicated blockchains will have greater development opportunities. Ultimately, the winners in the settlement rails are expected to become the most valuable participants in the stablecoin ecosystem.
2. Stablecoin Issuers
Currently, major issuers like Tether and Circle have taken the lead in the market. However, as the market develops, issuers will face greater compliance pressure and technological requirements. Building efficient infrastructure, improving compliance standards, and optimizing minting/redemption processes will be key competitive advantages for stablecoin issuers in the future.
3. Liquidity Providers (LPs)
Currently, liquidity providers mainly focus on OTC and exchanges, presenting highly commoditized characteristics. In the future, providers focusing on stablecoin liquidity will face fierce competition from large institutions. Therefore, institutions that can maintain a competitive advantage in this field will dominate the market in the long run.
4. Payment Service Platforms (PSPs)
PSPs play a crucial role in stablecoin applications, especially in providing payment solutions for merchants. Platforms with proprietary payment rails and global coverage will have a market advantage. However, without strong compliance capabilities and technical support, these platforms may face the risk of profit decline.
5. Merchant Gateways
Merchant gateways providing encrypted payment solutions face increasing challenges. While these platforms help merchants access stablecoin payments, they need continuous innovation and providing more added value to stand out as the market sees more payment tools.
6. Stablecoin-Driven Fintech and Applications
With the maturity of stablecoin technology, more fintech products based on stablecoins are emerging. These products provide users with more convenient payment, savings, and investment tools. In emerging markets, fintech products based on stablecoins have enormous growth potential, while in developed markets, differentiation and market promotion capabilities are key to success.
Conclusion
Tether continues to play a crucial role in the global cryptocurrency market as the leading stablecoin, with a market capitalization of $138 billion and strong growth momentum on multiple blockchains. With the dual expansion of USDT in decentralized wallets and centralized exchanges, Tether’s market share and user base may continue to expand.
However, as market competition intensifies, the future development of stablecoins will depend not only on issuers and liquidity providers but also on the innovation of payment service platforms, merchant gateways, and fintech applications.
Overall, the stablecoin market is evolving towards a more complex and diversified direction, and Tether will continue to play an important role in the global crypto market. The future of stablecoins will increasingly rely on infrastructure development, compliance enhancement, and innovative market applications, all of which will collectively determine their position in the future crypto world.
Based on the above analysis, combined with Tether’s latest report and market trends, we can see that USDT is not just a stablecoin. Its success reflects the enormous potential and development opportunities brought by stablecoins as part of the global financial system.
