Tether, the first stablecoin backed by the U.S. dollar, celebrated its 10th anniversary with a market capitalization nearing $120 billion and over 350 million global users. Launched in 2014 by Tether, USDT has steadily grown in popularity, especially in regions with less developed financial systems and on major blockchain platforms like Ethereum and Tron. The company has seen a 24% increase in new users over the past year and a 50% increase in the previous year, indicating its growing adoption worldwide.
With multi-chain support across blockchains like Ethereum and Tron, USDT has reached a diverse audience, making it particularly popular in regions with limited financial infrastructure. Tether has also strengthened its position in the market by holding over $97 billion in direct and indirect exposure to U.S. Treasuries as of Q2 2024, enhancing the security and reliability of its stablecoin. The company’s expansion into other areas of digital finance aims to support financial inclusion, especially in markets where access to traditional banking systems is limited.
In September, Tether announced that it had frozen over 1,850 wallets linked to criminal activities in collaboration with more than 180 agencies. This proactive stance against financial crime has been an essential part of Tether’s operations, and the company has conducted a successful cleansing operation in 45 jurisdictions, recovering $1.86 billion in digital assets. Tether remains committed to assisting law enforcement agencies worldwide in safeguarding the stablecoin industry and maintaining the integrity of its product.
Overall, Tether’s 10th-anniversary milestone highlights its significant growth and impact in the cryptocurrency industry over the past decade. With a growing user base and financial stability demonstrated through substantial reserves, Tether has positioned itself as a leader in the stablecoin market. Its focus on expanding into emerging markets with limited financial infrastructure and combating financial crime underscores its commitment to innovation and responsible business practices. As Tether continues to evolve and adapt to the changing landscape of digital finance, its role in supporting global financial inclusion and security remains crucial to the industry’s development.
