Tether (cryptocurrency)

For other uses, see Tether (disambiguation).

Tether
Denominations
Symbol₮
CodeUSD₮, EUR₮, CNH₮, XAU₮, MXN₮[1]
Development
White paperTether White Paper.pdf
Initial release2014-10-06 16:39:15 UTC[2]
Valuation
Exchange ratePegged to reference fiat currency or gold
Website
Websitetether.to

Tether (often referred to by its currency codes, USD₮ and USDT, among others) is a cryptocurrency stablecoin launched by Tether Limited Inc. in 2014.[3][4]

As of August 1, 2024, Tether reported having $118.4 billion in reserves, including $5.3 billion in excess reserves. In the second quarter of 2024, the company achieved profit of $1.3 billion, contributing to a total profit of $5.2 billion for the first half of the year. Tether Limited also disclosed a net equity of $11.9 billion, and the stablecoin's market capitalization exceeded $114 billion.[5][6]

Tether faces criticism regarding the transparency and verifiability of its claimed fiat reserves.[7]

Tether is the largest cryptocurrency in terms of trading volume, holding 70% of the market share among stablecoins. In 2019, it has surpassed bitcoin to become the most traded cryptocurrency globally.[8][9][10] As of July 2024, Tether has more than 350 million users worldwide.[11]

Tether Limited is owned by iFinex, a company based in the British Virgin Islands which also operates the Bitfinex cryptocurrency exchange.[12] As of January 2024, Tether's official website lists fourteen protocols and blockchains on which Tether has been minted.[1]

  1. ^ a b "Transparency". Tether.to. 3 July 2022. Archived from the original on 4 July 2022. Retrieved 4 July 2022.
  2. ^ "Create Property - Managed". omniexplorer.info. 6 October 2014. Archived from the original on 4 July 2022. Retrieved 4 July 2022.
  3. ^ Lipton, Alexander; Sardon, Aetienne; Schär, Fabian; Schüpbach, Christian (30 April 2020). "11. Stablecoins, Digital Currency, and the Future of Money". MIT Works in Progress. doi:10.21428/ba67f642.0499afe0. Retrieved 27 October 2024.
  4. ^ McGrath, Catherine (8 October 2024). "Chinese investors pivot to stocks with potential repercussion for Tether". Fortune Crypto. Retrieved 1 November 2024.
  5. ^ "Axios Crypto". Axios. 1 August 2024. Retrieved 14 August 2024.
  6. ^ Kharif, Olga; Nicolle, Emily (31 July 2024). "Tether Stablecoin Issuer Says 2Q Profit Was $1.3 Billion". Bloomberg. Retrieved 14 August 2024.
  7. ^ "Analysis-Tether's $100 billion stokes stablecoin stability concerns". Reuters. Retrieved 29 July 2024 – via Business Reporter.
  8. ^ Kharif, Olga (October 2019). "The World's Most-Used Cryptocurrency Isn't Bitcoin". Bloomberg.com. Bloomberg. Archived from the original on 2 October 2019. Retrieved 3 October 2019.
  9. ^ "Biggest Crypto Stablecoin Recovers All Value Lost in 2022 Crash". Bloomberg.com. 1 June 2023. Archived from the original on 1 June 2023. Retrieved 12 June 2023.
  10. ^ "Hedge Funds Drawn to Crypto's Next Big Short After FTX Reveals Cracks". Bloomberg.com. 14 December 2022. Archived from the original on 28 June 2024. Retrieved 12 June 2023.
  11. ^ Ehrlich, Steven (26 July 2024). "Tether's Billionaire CEO Is Afraid Of Wasting This 'Once-In-One-Hundred-Years Opportunity'". Forbes. Retrieved 14 August 2024.
  12. ^ Wilson, Tom (10 May 2023). "Cryptoverse-Tether gets a lift from stability doubts". Archived from the original on 27 September 2023. Retrieved 5 January 2023.