Tether Users Reach 350 Million
08 Oct, 2024 ● Coin news
Tether, the issuer of the USDT stablecoin, announced on Oct. 7 that it had reached over 350 million users, just 10 years after its launch in 2014.
According to a blog post from Tether, the company experienced a 24% increase in user count over the past 12 months, indicating that in October 2023, it had around 282 million users.
This marks significant growth from 2022, when the user base was approximately half that size, at 141 million.
While Tether wasn’t the first stablecoin — that honor goes to BitUSD and NuBits — it currently holds the largest market capitalization among all stablecoins by a substantial margin.
As reported by CoinMarketCap, Tether’s USDT currently has a market capitalization of $119.6 billion.
Tether asserts that its dominant position in the stablecoin market benefits both digital assets and the U.S. dollar.
The company claims its large holdings of U.S. Treasuries enhance the global influence of the dollar, positioning USDT as a trusted digital version of the world’s reserve currency.
According to Tether:
“As of its Q2 2024 Attestation, Tether had direct and indirect exposure to over $97 billion in U.S. Treasuries, making it one of the top 20 largest buyers of U.S. Treasury bills, surpassing countries like Germany, the United Arab Emirates, and Australia.”
Cointelegraph recently reported that Tether is celebrating its 10th anniversary and is preparing to release a documentary about its decade-long journey, featuring interviews with people whose lives have reportedly been impacted by the stablecoin.
Most of Tether's 350 million users appear to have joined in recent years, suggesting that adoption rates may be accelerating.
To put the 350 million-user milestone into perspective, a 2024 AAA study estimated that there are over 560 million cryptocurrency users globally, while the 2023 AAA report showed around 420 million users worldwide.
Sources:
https://cointelegraph.com/news/tether-user-base-350-million-2024
