Tether celebrates 10th anniversary with $120 billion market cap and 350 million users

Tether, celebrating its 10th anniversary on Monday, has achieved a market cap close to $120 billion with over 350 million users worldwide.

Tether Celebrates 10 Years of Global Adoption and Stablecoin Dominance with Over 350 Million Users Worldwidehttps://t.co/FDwdUZf6BZ

— Tether (@Tether_to) October 7, 2024

USDT, the first stablecoin backed by the US dollar, was launched by Tether in 2014. Since then, it has steadily expanded and gained recognition in regions with less developed financial systems, as well as on major blockchain platforms like Ethereum and Tron.

According to Tether’s statement, USDT has seen significant growth over the past decade, especially in markets with established financial systems and across various blockchain networks such as Ethereum and Tron.

USDT growth in emerging markets

In a company statement released on Monday, Tether highlighted the continuous adoption of USDT, noting a 24% increase in new users over the past 12 months, following a 50% increase the previous year. USDT’s support for multiple blockchains, including Ethereum and Tron, has allowed it to reach a wide range of global users, particularly in regions with insufficient financial infrastructure.

Beyond expanding its user base, Tether has solidified its position in the market through significant financial reserves. As of Q2 2024, Tether held over $97 billion in direct and indirect US Treasury bonds, further enhancing the security and reliability of its product.

Additionally, Tether has ventured into other areas of digital finance, offering new services to support financial inclusion. The company’s statement emphasized the importance of USDT in markets with limited access to traditional banking systems, positioning it as an essential financial resource in these regions.

Tether frozen over 1,850 wallets linked to criminal activity

In September, Tether announced that it had frozen over 1,850 wallets linked to criminal activities, working with more than 180 institutions to combat financial crime.

Aside from market growth and financial stability, Tether has taken active steps to combat financial crimes. The company expanded its enforcement efforts to 45 jurisdictions, recovering $1.86 billion in digital assets. This report underscores Tether’s commitment to supporting global law enforcement agencies in safeguarding the stablecoin industry.