Tether, the company behind the USDT stablecoin, recently announced that its user base has surpassed 350 million as of October 7, 2024. This achievement comes as the company celebrates its 10-year anniversary.
Tether's user count increased by 24% in the past year, adding approximately 68 million new users. In comparison, in October 2023, Tether had around 282 million users, and just two years earlier, in 2022, it had only about 141 million users.
While Tether isn’t the first stablecoin (that honor goes to BitUSD and NuBits), it is currently the largest stablecoin by market capitalization, holding a dominant position in the crypto market. According to data from CoinMarketCap, Tether's USDT stablecoin has a market capitalization of $119.6 billion, far surpassing its competitors.
Tether's strong market position is important not only for the cryptocurrency space but also for the broader financial system. The company has substantial holdings in U.S. Treasuries, which helps to strengthen the global influence of the U.S. dollar. In its Q2 2024 financial attestation, Tether reported holding over $97 billion in the U.S.
Treasuries, making it one of the top 20 largest holders of U.S. Treasury bills. To put that in perspective, Tether holds more U.S. Treasuries than countries like Germany, Australia, and the United Arab Emirates.
The impressive growth of Tether's user base reflects a larger trend of increased crypto adoption worldwide. In 2024, an AAA report estimated that there are over 560 million cryptocurrency users globally, up from 420 million in 2023. With 350 million users, Tether accounts for a significant portion of this global user base.
As part of its anniversary celebration, Tether is also preparing to release a documentary that will highlight its journey over the past decade. The documentary will feature interviews with individuals who have been positively impacted by Tether and its stablecoin.
Tether's rapid user growth and market leadership demonstrate the growing role of stablecoins in the cryptocurrency world, solidifying its place as a trusted digital asset for many users worldwide.
