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 —including Université Alassane Ouattara, Université d'Abobo-Adjamé, Université Félix Houphouët-Boigny, and Institut National Polytechnique Félix Houphouët-Boigny— 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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