Tether, the issuer of the USDt stablecoin, on Monday announced that it had reached over 350 million users, a significant milestone since its launch in 2014.
In the past 12 months, Tether has seen a 24% increase in user count, indicating a total of approximately 282 million users in October 2023.
This is a significant jump from the 141 million users it had in 2022. While Tether was not the first stablecoin, as the title belongs to BitUSD and NuBits, it currently holds the largest market capitalization among all stablecoins by a substantial margin.
According to CoinMarketCap, the current market capitalization for Tether’s USDt is $119.6 billion. Tether believes that its position in the stablecoin market not only benefits digital assets, but also strengthens the influence of the US dollar.
The company’s significant holdings of US Treasuries solidify USDt as a trusted digital representation of the world’s reserve currency.
