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 the company Tether Limited Inc. in 2014.[3]

As of August 1, 2024, it was reported that Tether has $118.4 billion in reserves, with excess reserves of $5.3 billion, after reporting a $1.3 billion profit in the second quarter of 2024, putting Tether at a profit of $5.2 billion for the first half of the year. The stablecoin operator also reported a net equity of $11.9 billion and its market capitalization is above $114 billion.[4][5]

Prior to 2022, Tether had been criticized for a lack of transparency and verifiability of its claimed fiat reserves.[6]

It is the largest cryptocurrency in terms of trading volume, commanding 70% of the market share among stablecoins and having surpassed Bitcoin in 2019 to become the most traded cryptocurrency in the world.[7][8][9] As of July 2024, Tether has more than 350 million users globally.[10]

Tether Limited is owned by the British Virgin Islands–based company iFinex Inc., which also owns the Bitfinex cryptocurrency exchange.[11] As of January 2024, Tether's 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. ^ "Tether (USDT) Price, Chart & News | Binance: Tether price, USDT price, Tether value". www.binance.com. Archived from the original on 17 June 2022. Retrieved 11 July 2022.
  4. ^ "Axios Crypto". Axios. 1 August 2024. Retrieved 14 August 2024.
  5. ^ Kharif, Olga; Nicolle, Emily (31 July 2024). "Tether Stablecoin Issuer Says 2Q Profit Was $1.3 Billion". Bloomberg. Retrieved 14 August 2024.
  6. ^ "Analysis-Tether's $100 billion stokes stablecoin stability concerns". Reuters. Retrieved 29 July 2024 – via Business Reporter.
  7. ^ 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.
  8. ^ "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.
  9. ^ "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.
  10. ^ 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.
  11. ^ 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.