tether.io
7 October 2024 – Tether, the largest company in the digital assets industry, celebrates a decade of pioneering advancements and innovation that have shaped the ever-evolving landscape of digital assets. Since its inception 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 last decade, Tether pioneered stablecoins and expanded into a diversified technology powerhouse, setting new standards for financial accessibility, innovation, and stability.
From its creation, Tether introduced the groundbreaking concept of a digital currency pegged to the U.S. dollar (USD₮), offering an unprecedented solution to volatility in the cryptocurrency market. Today, USD₮ is the most widely used stablecoin with a market capitalization nearing $120 billion, making it an indispensable pillar of the global digital economy.
Remarkable Growth
USD₮ has seen remarkable growth in active users, especially when looking at year-over-year trends. The number of Users across blockchains and centralized exchanges, especially in the emerging markets surged in 2024, to hundreds of millions, reflecting a dramatic increase in USD₮’s utility and popularity. Weekly, Monthly, and Daily Active Users show a consistent upward trend as well, reinforcing USD₮ as the go-to stablecoin for everyday transactions and institutional use cases.
The year-over-year growth has been particularly notable, with new users growing 24% in the last 12 months and 50% in the prior 12 months, as USD₮ adoption accelerated during key periods of market volatility and growing interest in decentralized finance. Tether’s multi-chain support, seen across blockchains such as Tron, TON, and Ethereum, has further contributed to its expanding user base, making it easier for retail and institutional users to access and use the stablecoin on their preferred platforms with low fees. This year-over-year surge reflects the increasing demand for USD₮ in digital finance and its growing role as a backbone of liquidity across crypto markets.
Driving the Global Dominance of U.S. Dollars
Tether has been pivotal in reinforcing the U.S. dollar’s dominance abroad. It offers reliable, dollar-backed transactions in markets where access to traditional banking systems is limited or nonexistent. With over 350 million users worldwide, Tether provides financial tools and digital currencies that foster financial inclusion, particularly in emerging markets.
Tether’s substantial holdings of U.S. Treasuries further strengthen the dollar’s global influence, solidifying USD₮ as a trusted digital representation of the world’s reserve currency. As of its Q2 2024 Attestation, Tether had direct and indirect exposure to over $97 billion in U.S. Treasuries. This makes Tether one of the top 20 largest buyers of U.S. Treasury bills, surpassing the holdings of countries like Germany, the United Arab Emirates, and Australia. By backing its stablecoins with these high-quality assets, Tether not only ensures the security of USD₮ but also reinforces the dollar’s stability and prominence in global markets.
Expanding Beyond Stablecoins: From USD to Global Token Adoption
While Tether began with the U.S. dollar, it has expanded to other fiat-pegged tokens. This diversification strengthens its ability to cater to a broader range of global users and use cases, further cementing Tether’s leadership in the stablecoin category.
Setting the Standard in Stablecoin Payments
Stablecoins have become the preferred method of transacting digitally, and Tether continues to lead the charge in driving adoption, outpacing leading tech companies on profitability per employee. These developments demonstrate how Tether has reshaped digital finance and created a foundation for others to follow.
Product-Market Fit and Growth
Tether’s success in finding product-market fit for stablecoins has allowed it to flourish as an industry leader, playing a crucial role in driving stablecoin payments worldwide. Stablecoins are no longer niche but are now integrated into everyday financial transactions, from remittances to corporate payments. Tether’s unwavering commitment to user needs, regulatory engagement, and technological advancement has solidified its position as the bedrock of stablecoin infrastructure.
Tether’s Vision for the Next 10 Years
While Tether has made significant strides, there are still big problems to be solved, particularly in regulatory clarity, scalability, and real-world utility of digital currencies. Tether is actively pursuing solutions in these areas, including advanced blockchain integrations and new stablecoin product lines designed to meet the demands of evolving financial ecosystems.
Looking to the future, Tether envisions a world where digital currency payments are seamless, accessible, and inclusive for all. Tether’s next decade will focus on enhancing global financial inclusion, expanding its token offerings, and fostering innovations in sectors such as AI, energy sustainability, and blockchain education.
Milestones from Tether’s First Decade:
- 2014: Launched the world’s first stablecoin.
- Global Reach: Gained over 350 million users worldwide, promoting financial inclusion in emerging markets.
- Transparency: Led the industry in transparency with daily balance updates and independent quarterly attestations by BDO.
- Collaboration with Law Enforcement: Assisted 180+ law enforcement agencies, recovering over $1.8 billion linked to illicit activities.
- Liquidity: Processed $10 billion in redemptions within a week during the 2022 UST crisis, proving Tether’s liquidity and reliability.
- Expansion Beyond Stablecoins: Launched Tether Data, Tether Finance, Tether Power, Tether Edu, and Tether Evo to broaden its impact.
As Tether celebrates its first decade, it remains focused on creating a more secure, transparent, and innovative future for digital currencies. By setting the gold standard for stablecoin usage and leading the charge in digital financial services, Tether is shaping the next era of technology companies.
To commemorate Tether’s first decade and its vision for the next 10 years, the company will soon be releasing a documentary ‘Stability and Freedom in Chaos’ that highlights Tether’s impact in countries such as Brazil, Argentina, and Turkey, where USD₮ has become a crucial lifeline for millions, fighting inflation and fueling financial freedom worldwide.