Tether, one of the world’s leading stablecoin providers, has announced impressive results, reaching more than 350 million users in just 10 years since its launch in 2014.
Tether, one of the world’s leading stablecoin providers, has announced impressive results, reaching more than 350 million users in just 10 years since its launch in 2014.
Tether’s user base has grown by 24% in the past year alone, jumping from approximately 282 million users in October 2023 to its current level, according to recent data released by the company. This growth is even more significant when compared to October 2022, when the platform had around 141 million users, less than half of today’s numbers.
With a current market capitalization of $119.8 billion, Tether’s USDT token significantly outperforms all other stablecoins in circulation.
Tether’s influence extends beyond the realm of cryptocurrencies and into traditional finance. The company holds significant amounts of US debt and has established itself as an important player in the government securities market. “As of attestation in Q2 2024, Tether had direct and indirect exposure to over $97 billion in U.S. Treasury securities,” the company said. “This makes Tether one of the top 20 largest buyers of U.S. Treasury securities, surpassing holders such as Germany, the United Arab Emirates, and Australia.”
The company believes that its growth will be beneficial not only for digital assets but also for the global standing of the US dollar. Tether argues that its large Treasury holdings strengthen the dollar’s international influence, with USDt serving as the trusted digital representation of the world’s reserve currency.
To celebrate its 10th anniversary, Tether will release a documentary featuring interviews with people whose lives have been impacted by stablecoins, as well as showcasing real-world applications and adoption stories.
This article contains links to third party websites or other content (“Third Party Sites”) for informational purposes only. Third Party Sites are not under the control of CoinMarketCap, and CoinMarketCap is not responsible for the content of Third Party Sites, including without limitation any links contained in Third Party Sites, or any changes or updates to Third Party Sites. We are not responsible for party site. CoinMarketCap is providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement, endorsement, or recommendation by CoinMarketCap of the site or any association with its operators. This article is intended for use and should be used for informational purposes only. It is important that you conduct your own independent research and analysis before making any important decisions related to the products or services mentioned. This article is not intended to be, and should not be construed as, financial advice. The views and opinions expressed in this article are those of the author (company) and do not necessarily reflect those of CoinMarketCap.
