In the year Following a 24% increase in 2024, Tether’s user base will reach 350M
Tether, the company behind the USDt (USDT) stablecoin, announced on October 7 that it had surpassed 350 million users, 10 years after its launch in 2014.
According to a blog post from the Statcoin provider, Tether has seen a 24 percent increase in user numbers over the past 12 months, with an estimated 282 million users by October 2023. Before that, in 2022, it will boast only half of that, with 141 million users.
Source: Tether
Stablecoins
While Tether can't claim the title of being the first stablecoin – the exception being BitUSD and NuBits – it currently holds the highest market capitalization of all stablecoins by a wide margin.
According to CoinMarketCap, Tether's USDt market capitalization is currently $119.6 billion.
A highly stable coin by market capitalization. Source: CoinMarketCap
According to Tether, the position in the stable coin market is beneficial for digital assets as well as the US dollar.
“Higher holdings of US Treasuries further strengthen the dollar's global influence, making USD₮ the trusted digital representation of the world's reserve currency,” the company said.
Related: Crypto adoption on track to reach 8% by 2025: report
In Tether:
“Since its Q2 2024 confirmation, Tether has been directly and indirectly exposed to more than $97 billion in US Treasuries. This makes Tether one of the top 20 buyers of US Treasury bills, surpassing the holdings of countries such as Germany, the United Arab Emirates and Australia.
350 million users
Cointelegraph recently reported that the company is celebrating its 10th anniversary and will soon launch a documentary about its journey over the past ten years, featuring interviews with people whose lives have been affected by statcoin.
Most of the company's 350 million users appear to have arrived in the past few years, indicating that adoption rates may accelerate.
AAA research estimates that there will be more than 560 million cryptocurrency users around the world by 2024 to see a user milestone of 350 million. In the year AAA's report by 2023 showed about 420 million users worldwide.
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