Tether, the powerhouse behind the USDt stablecoin, has hit an impressive milestone of 350 million users as of October 7, 2024. This announcement coincides with Tetherâs 10-year anniversary, marking a decade of growth since its launch in 2014. Over the past year alone, Tetherâs user base surged by 24%, jumping from 282 million users in October 2023. To put this in perspective, Tether had approximately 141 million users just two years prior, in 2022, highlighting its rapid expansion in the stablecoin market.
Despite not being the first stablecoinâpreceded by BitUSD and NuBitsâTether now holds the title of the largest stablecoin by market capitalization. According to CoinMarketCap, Tetherâs USDt boasts a massive market cap of $119.6 billion, far surpassing its competitors in the stablecoin arena.
Tether attributes its market dominance to its substantial holdings of U.S. Treasuries, which the company claims reinforce the global influence of the U.S. dollar. Tether positions USDt as a secure and trusted digital representation of the worldâs reserve currency, providing a strong foundation for digital asset transactions worldwide.
As Tether celebrates its 10th anniversary, its rapid growth and solidification as the top stablecoin highlight its pivotal role in the broader crypto ecosystem, with its influence showing no signs of slowing down.
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