Tether stablecoin on its 10th anniversary announced that it was one of the top 20 largest buyers of U.S. Treasury bills, surpassing the holdings of UAE. The company also announced that it had surpassed 350 million users just a decade after its 2014 launch.
According to recent data released by the company, Tether’s user base expanded by 24% over the past year alone, jumping from approximately 282 million users in October 2023 to its current level. This growth is even more striking when compared to October 2022, when the platform had roughly 141 million users, less than half of today’s figure.
With a current market capitalization of $119.8 billion, Tether’s USDT token significantly outpaces all other stablecoins in circulation.
The company reports substantial holdings in U.S. Treasuries, positioning itself as a significant player in government securities markets. “As of its Q2 2024 Attestation, Tether had direct and indirect exposure to over $97 billion in U.S. Treasuries,” the company stated. “This makes Tether one of the top 20 largest buyers of U.S. Treasury bills, surpassing the holdings of countries like Germany, the United Arab Emirates, and Australia.”
Tether argues that its significant Treasury holdings strengthen the dollar’s international influence, with USDt serving as a trusted digital representation of the world’s reserve currency.
Tether recently announced it would be launching a UAE Dirham backed stablecoin.
