Tether’s USDT stablecoin is nearing $120 billion, reinforcing its status as the leading stablecoin in the cryptocurrency market.
The company has issued $35 billion in USDT over the past year, exceeding its primary competitor, Circle’s USDC. As of Q2 2024, Tether possesses in excess of $97 billion in US Treasuries, ranking as the 18th largest holder of US government bonds worldwide.
Stablecoins such as USDT are utilitarian for daily transactions and are being used in emerging markets for savings, payments, and international transfers. Tether, boasting a global user base of 350 million, has experienced a profit surge, generating over $400 million in the past month alone.
Tether’s expansion has resulted in diversification into finance, data, education, and energy sectors. Tether encounters scrutiny about its reserves and the potential risks posed to users, especially in relation to its financial vulnerabilities.
