Tether celebrates 350 million user milestone as stablecoin giant celebrates 10th anniversary
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 position 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 be releasing a documentary featuring interviews with people whose lives have been impacted by stablecoins, highlighting real-world applications and adoption stories.
