Tether, which operates the USDt USDTUSD stablecoin, announced on October 7th that it had more than 350 million users, just 10 years after its launch in 2014.
Tether has seen a 24% increase in user numbers over the past 12 months, with approximately 282 million users as of October 2023, according to a blog post from the stablecoin issuer. Prior to that, in 2022, it boasted only half that amount. It has approximately 141 million users.
stable coin
While Tether cannot claim the title of being the first stablecoin, that distinction belongs to BitUSD and NuBits, it currently holds the highest market capitalization by a wide margin of all stablecoins. I’m doing it.
According to CoinMarketCap, Tether’s USDt market cap is currently $119.6 billion.
According to Tether, Tether’s position in the stablecoin market has benefited digital assets as well as the US dollar.
“Our large holdings of U.S. Treasuries further strengthen the dollar’s global influence and solidify USD₮ as the trusted digital representation of the world’s reserve currency,” the company said.
Per tether:
“As of attestation in Q2 2024, Tether had direct and indirect exposure to over $97 billion in U.S. Treasuries. holders of U.S. Treasury bills, making it one of the top 20 largest buyers of U.S. Treasury bills.
350 million users
As Cointelegraph recently reported, the company is celebrating its 10th anniversary and will soon release a documentary about its journey over the past decade, featuring interviews with people who have been said to have been influenced by the stablecoin. .
The majority of the company’s 350 million users appear to have been signed up in the past few years, indicating a potentially accelerating rate of adoption.
Putting the 350 million user milestone in perspective, AAA research in 2024 estimates that there will be more than 560 million cryptocurrency users worldwide. Meanwhile, a 2023 AAA report indicates that it has around 420 million users worldwide.
