Tether’s USDT supply surpasses $115 billion amid crypto market resurgence News โธ Tether โธ Stablecoins
Tether’s USDT supply surpasses $115 billion amid crypto market resurgence
Tether is set to grow its compliance team as part of its workforce expansion strategy.
2 min read
Updated: Aug. 9, 2024 at 5:23 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Tether’s (USDT) stablecoin has reached a historic milestone of exceeding $115 billion in supply, according to an Aug. 8 post by CEO Paolo Ardoino on social media platform X.
CryptoSlate data shows that USDT’s market capitalization grew by more than $1 billion in the past week. This surge coincided with Bitcoin’s price rebound to $62,000 after dipping to $49,000.
Blockchain analyst Lookonchain reported that $1.3 billion worth of USDT was moved to several centralized exchanges, including Kraken, OKX, Coinbase, and Bullish, amid the broader crypto market uptrend since Aug. 5.
This achievement has increased USDT’s dominance in the stablecoin market to approximately 70%. Data from Tether’s transparency page showed that over 50% of Tether’s supply is on Tron, while around 41% is on Ethereum.
Compliance and expansion
Meanwhile, Ardoino told Bloomberg on Aug. 8 that the company plans to expand its workforce to 200 by mid-2025, with a strong emphasis on enhancing its compliance team.
Ardoino highlighted the company’s commitment to mitigating illicit activities related to its stablecoin on secondary markets.
Over the past year, Tether has faced increased scrutiny over the potential misuse of USDT by sanctioned entities and malicious actors. The company, however, has continued to publicly maintain that it is strengthening its compliance efforts by cooperating with authorities.
Despite having a smaller workforce than other tech and crypto giants, Tether reported record profits of $5.2 billion in the first half of 2024.
Crypto education initiatives
In a parallel development, Tether is also advancing blockchain education through a partnership with the Africa Blockchain Institute.
This collaboration aims to educate students across five Ivory Coast universities โincluding Universitรฉ Alassane Ouattara, Universitรฉ d’Abobo-Adjamรฉ, Universitรฉ Fรฉlix Houphouรซt-Boigny, and Institut National Polytechnique Fรฉlix Houphouรซt-Boignyโ about blockchain technology, cryptocurrencies, smart contracts, DeFi, and industry applications.
Ardoino stressed the importance of this initiative, noting the growing interest in crypto across Africa and its increasing relevance in daily life. He added:
“Tether is committed to providing the next generation of Ivory Coast and African leaders with the skills and understanding needed to excel in the digital economy. We believe It is essential that people have the required knowledge to make informed decisions.”
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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In this article
Launched in 2014, Tether is a blockchain-enabled platform designed to facilitate the use of fiat currencies in a digital manner.
Ethereum
$3,130.36
Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (DApps).
Tether Limited
Tether Limited is the company that introduced Tether (USDโฎ or USDT), an asset-backed cryptocurrency stablecoin, in 2014.
Coinbase
Coinbase is a digital currency exchange and wallet service that allows individuals to buy, sell, and store digital currencies, such as Bitcoin, Ethereum, and Litecoin.
OKX
OKX is a world-leading digital asset exchange, providing advanced financial services to global traders by using blockchain technology.
Kraken
Kraken is a San Francisco-based digital asset exchange in euro volume and liquidity that trades various currencies, including Canadian dollars, US dollars, British pounds, and Japanese yen.
Paolo Ardoino joined Bitfinex at the beginning of 2015 and now serves as Chief Technology Officer.