Tether has over 350 million users worldwide and celebrates 10 years of global adoption and stablecoin dominance
October 7, 2024 – Tether, the digital asset industry leader, celebrates 10 years of pioneering progress and innovation that has shaped the evolving digital asset landscape. Since its founding in 2014, Tether has revolutionized finance by introducing the world’s first stablecoin, bridging traditional currencies and the rapidly growing digital asset market. Over the past decade, Tether has pioneered stablecoins, expanding into a diverse technology powerhouse and setting new standards for financial access, innovation, and stability.
Since its inception, Tether has introduced the groundbreaking concept of a digital currency pegged to the US dollar (USD₮), providing an unprecedented solution to the volatility of the crypto market. Currently, USD₮ is the most widely used stablecoin, with a market capitalization of nearly $120 billion, making it an essential pillar of the global digital economy.
remarkable growth
USD₮ has seen a noticeable increase in the number of active users, especially when looking at year-over-year trends. Reflecting the dramatic increase in the utility and popularity of USD₮, the number of users of blockchain and centralized exchanges, especially in emerging markets, has soared to hundreds of millions in 2024. Weekly, monthly, and daily active user numbers also show consistent growth trends, reinforcing USD₮’s position as the go-to stablecoin for everyday trading and institutional use cases. Masu.
The year-over-year growth was particularly significant, with new user numbers increasing by 24% in the past 12 months and 24% in the past 12 months, as USD₮ adoption accelerated at a critical time of market volatility and growing interest in decentralized finance. increased by 50%. Tether’s multi-chain support, found on blockchains such as Tron, TON, and Ethereum, further contributes to expanding its user base, allowing retail and institutional users to access stablecoins on their preferred platforms at low fees. Now easier to use. This year-over-year jump reflects the increased demand for USD₮ in digital finance and its growing role as the liquidity backbone for the entire crypto market.
Promoting the global dominance of the US dollar
Tether plays a vital role in strengthening the U.S. dollar’s dominance overseas. We provide reliable dollar-backed trading in markets where access to traditional banking systems is limited or non-existent. With over 350 million users worldwide, Tether provides financial tools and digital currencies that promote financial inclusion, especially in emerging markets.
Tether’s large holdings of U.S. government bonds will further strengthen the dollar’s global influence and solidify USD₮ as the trusted digital representation of the world’s reserve currency. As of attestation in Q2 2024, Tether had direct and indirect exposure to over $97 billion in U.S. Treasury securities. This makes Tether one of the top 20 largest buyers of U.S. Treasury bills, surpassing holders such as Germany, the United Arab Emirates, and Australia. By backing the stablecoin with these high-quality assets, Tether not only ensures the safety of USD₮, but also strengthens the dollar’s stability and prominence in global markets.
Expanding beyond stablecoins: From USD to global token adoption
Tether started with the US dollar, but has expanded to tokens pegged to other fiat currencies. This diversification strengthens Tether’s ability to serve a broader range of global users and use cases, further solidifying Tether’s leadership in the stablecoin space.
Setting standards for stablecoin payments
Stablecoins have become the preferred means of digital transactions, and Tether continues to be at the forefront of driving adoption, outperforming large tech companies in terms of profitability per employee. These developments demonstrate how Tether is reimagining digital finance and creating a foundation for other companies to follow.
Product-market fit and growth
Tether’s success in finding a suitable product market for stablecoins has allowed it to flourish as an industry leader and play a key role in advancing stablecoin payments around the world. Stablecoins are no longer a niche thing, they are integrated into everyday financial transactions, from money transfers to corporate payments. Tether’s unwavering commitment to user needs, regulatory initiatives, and technological advances has solidified its position as the foundation of stablecoin infrastructure.
Tether’s vision for the next 10 years
Although Tether has made significant progress, major issues remain to be resolved, particularly in regulatory clarity, scalability, and the digital currency’s real-world utility. Tether is actively pursuing solutions in these areas, including advanced blockchain integration and new stablecoin product lines designed to meet the demands of an evolving financial ecosystem.
Looking to the future, Tether envisions a world where digital currency payments are seamless, accessible, and inclusive for everyone. Tether’s next decade will focus on strengthening global financial inclusion, expanding token offerings, and driving innovation in areas such as AI, energy sustainability, and blockchain education.
Tether’s first 10 year milestones:
2014: Issued the world’s first stablecoin. Global reach: Reached more than 350 million users worldwide and fostered financial inclusion in emerging markets. Transparency: Leading the industry in transparency with daily balance updates and independent quarterly verification from BDO. Cooperation with Law Enforcement Agencies: Assisted over 180 law enforcement agencies in recovering over $1.8 billion related to illegal activities. Liquidity: During the 2022 UST crisis, we processed $10 billion in redemptions within a week, proving Tether’s liquidity and reliability. Expanding beyond stablecoins: To extend its impact, we launched Tether Data, Tether Finance, Tether Power, Tether Edu, and Tether Evo.
As Tether celebrates its 10th anniversary, we remain focused on creating a more secure, transparent, and innovative future for digital currencies. By setting the gold standard for the use of stablecoins and leading the way in digital financial services, Tether is shaping the next era of technology companies.
To commemorate Tether’s first 10 years and its vision for the next 10 years, the company will soon release a documentary, “In Chaos,” which focuses on Tether’s impact in countries such as Brazil, Argentina, and Turkey, where USD₮ became the national currency. “Stability and Freedom” is scheduled to be released. It’s a critical lifeline for millions of people, fighting inflation and promoting economic freedom around the world.
You can watch the trailer for Tether’s new documentary here: For more information, visit www.tether.io.
