Tether Celebrates 10 Years with $120B Market Cap and 350M Users

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Hongji Feng

Author

Hongji Feng

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Hongji is a crypto and tech reporter. He graduated from Northwestern University’s Medill School of Journalism with a Bachelor’s and a Master’s. He has previously interned at HTX (Huobi Global),…

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Last updated:

October 7, 2024 12:17 EDT

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Tether marked its 10th anniversary on Monday, celebrating a market capitalization nearing $120 billion with over 350 million users globally.

USDT, the first stablecoin backed by the U.S. dollar, was launched by Tether in 2014.

Since then, it has steadily expanded, gaining traction in regions with less developed financial systems and across major blockchain platforms like Ethereum and Tron.

According to a statement by Tether, the company launched USDT, the first U.S. dollar-pegged stablecoin, in 2014.

Over the past decade, USDT has grown substantially, particularly in regions with developing financial systems, and across various blockchain networks like Ethereum and Tron.

USDT’s Growth in Emerging Markets

According to a Monday statement from the company, USDT has seen a steady rise in adoption, with a 24% increase in new users over the past 12 months and a 50% increase in the previous year.

With multi-chain support across blockchains like Ethereum and Tron, USDT has reached a diverse global audience, particularly in regions with limited financial infrastructure.

Beyond its growing user base, Tether has fortified its position in the market through significant financial reserves.

As of Q2 2024, the company held over $97 billion in direct and indirect exposure to U.S. Treasuries, which enhances the security and reliability of its product.

Tether has also ventured into other sectors of digital finance, providing new services aimed at supporting financial inclusion.

The statement highlighted the importance of USDT in markets with limited access to traditional banking systems, positioning it as an essential financial resource in these regions.

Tether Freezes Over 1,850 Wallets Linked to Crimes

In September, the company announced that it had frozen over 1,850 wallets linked to criminal activities in collaboration with more than 180 agencies.

In addition to its market growth and financial stability, Tether has taken steps to combat financial crime.

The cleansing operation expanded to 45 jurisdictions and recovered $1.86 billion in digital assets.

The report reiterated Tether’s mission to assist law enforcement worldwide in safeguarding the stablecoin industry.