Tether Crosses $100 Billion

Despite the controversies that have surrounded Tether, USDT is three times larger than its nearest competitor.

Will Tether become a tech unicorn one day?

The oldest and largest stablecoin by market cap, Tether (USDT), has passed 100 billion in supply.

Tether was conceived as an idea way back in 2012, and launched on the Bitcoin blockchain in 2014. Almost 10 years later, it has become a multi-chain project that has established its position as systemically important to the crypto world. Despite having more than its fair share of controversies, and many better-regulated and more transparent competitors, USDT remains the king of stablecoins.

USDC, managed by crypto giants Circle and Coinbase, is the next largest, and has a market cap of less than $30 billion. USDT is the third-largest crypto token overall, behind Bitcoin and Ethereum.

Financial Powerhouse

Tether is backed with short-term US Treasuries and other highly convertible, cash-like assets.

Since interest rates are currently above 5%, this suggests Tether is collecting over $5 billion per year in revenues. The company's treasury also includes bitcoin and gold. At the time of writing, Tether holds 66,465 BTC.

Tether has ambitions to become far more than a stablecoin company. As well as accumulating around $4.5 billion in BTC, they have diversified into mining, with a $500 million investment in facilities in Argentina.

Tether To Make Half-Billion Dollar Mining Investment
The world’s largest stablecoin issuer is seeking to embed itself further as a fundamental part of the crypto ecosystem.

$100 billion is still a relatively small number, given both the size of the overall crypto ecosystem (around $2.5 trillion) and the wider financial markets. If Tether continues to maintain its dominance as bitcoin grows, it could soon become a trillion-dollar company.

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