Tether, the issuer of the popular stablecoin USDT, is marking its 10th anniversary by reflecting on its journey and the impact of its flagship product. To commemorate this milestone, Tether has released a documentary showcasing how USDT has aided users in countries like Argentina and Brazil in navigating the challenges of currency inflation.
In a statement on October 6, Tether CEO Paolo Ardoino emphasized the company's commitment to providing financial access to millions, particularly in regions where traditional banking services are limited. He noted that the mission has always focused on serving the “last mile,” ensuring that financial technology reaches those often left behind. "Rich people have already tens of ways to transact and store wealth. We build financial tech for the people left behind," Ardoino stated.
Over the past decade, USDT has become the third-largest cryptocurrency by market capitalization, behind only Bitcoin and Ethereum. According to data from DeFillama, USDT boasts a market cap of nearly $120 billion, commanding approximately 69% of the stablecoin market. Tether has also seen significant growth, adding “tens of millions” of new wallets each quarter and reaching a user base in the hundreds of millions.
Despite its success, Tether has faced regulatory challenges and scrutiny regarding its reserves. In recent months, several European exchanges have hinted at potentially delisting USDT due to concerns over compliance with the region’s Markets in Crypto-Assets (MiCA) regulation. In response, Tether is reportedly developing a new technological solution tailored for the European market, demonstrating its commitment to adapt to evolving regulatory landscapes.
In addition to its stablecoin operations, Tether is diversifying its portfolio by exploring new sectors such as telecommunications, artificial intelligence, education, and energy. Earlier this year, the company launched four new divisions—Data, Finance, Power, and Education—aiming to drive innovation in future-ready financial systems. These initiatives are backed by significant investments in these emerging industries.
“Tether has become a symbol of disintermediation, resilience, and stability,” Ardoino remarked. “From financial tools like stablecoins to telecommunications and education, we believe in empowering people, communities, cities, and entire countries.” As Tether celebrates this significant milestone, it continues to forge ahead, adapting to challenges and expanding its vision for a more inclusive financial future.
October 2024, Cryptoniteuae