🚀 Tether Announces a Film to Mark Its 10th Anniversary
posted 7 Oct 2024
Tether, the issuer of the world’s largest stablecoin, USDT, is celebrating a decade of operations. In honor of this milestone, the company has announced a documentary titled "Stability and Freedom in Chaos," which focuses on USDT's role in combating national currency inflation, using case studies from countries like Turkey, Brazil, and Argentina.
Notable Facts:
Tether entered the market on October 6, 2014. What started as a small startup from Santa Monica, led by Brock Pierce, Reeve Collins, and Craig Sellars, quickly became a pivotal project in the crypto space.
The aim was to create USDT, a crypto asset pegged to the value of the US dollar at a 1:1 ratio. Initially launched on Bitcoin’s blockchain, it has since expanded to include Ethereum, Tron, Solana, and other networks.
USDT currently has a market cap of $119 billion, far ahead of its nearest competitor, USDC, which has a market cap of $35 billion.
Tether also takes action against wallets tied to sanctioned entities. In April 2024, the company committed to freezing USDT addresses linked to Venezuelan oil trades.
There has been growing speculation that Tether might face hurdles in the European Economic Area, as its compliance with MiCA regulations is unclear. Some exchanges, including Coinbase, have announced plans to potentially delist USDT.
However, Tether swiftly responded, stating its readiness to cooperate with MiCA’s regulatory framework.
- On Binance in Turkey, the USDT/TRY pair is among the most traded, with a daily volume surpassing $105 million.
- USDT accounted for 80% of cryptocurrency transactions in Brazil in 2023.
- In Argentina, 60% of all purchased crypto assets are stablecoins.
Tether entered the market on October 6, 2014. What started as a small startup from Santa Monica, led by Brock Pierce, Reeve Collins, and Craig Sellars, quickly became a pivotal project in the crypto space.
The aim was to create USDT, a crypto asset pegged to the value of the US dollar at a 1:1 ratio. Initially launched on Bitcoin’s blockchain, it has since expanded to include Ethereum, Tron, Solana, and other networks.
USDT distribution on various blockchains. Source: defillama.com
Over the past 10 years, Tether has seen impressive growth. USDT, its main product, is the largest stablecoin by market cap and the third-largest crypto asset globally, just after Bitcoin and Ethereum.
USDT currently has a market cap of $119 billion, far ahead of its nearest competitor, USDC, which has a market cap of $35 billion.
Top 5 Stablecoins by Market Capitalization. Source: coingecko.com
USDT’s centralized nature means Tether controls its issuance and can freeze assets on user wallets if necessary. The company regularly assists law enforcement by recovering funds lost to fraud, including $1.4 million recovered in March 2024.
Tether also takes action against wallets tied to sanctioned entities. In April 2024, the company committed to freezing USDT addresses linked to Venezuelan oil trades.
There has been growing speculation that Tether might face hurdles in the European Economic Area, as its compliance with MiCA regulations is unclear. Some exchanges, including Coinbase, have announced plans to potentially delist USDT.
However, Tether swiftly responded, stating its readiness to cooperate with MiCA’s regulatory framework.
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