{"id":123439,"date":"2023-11-07T10:14:13","date_gmt":"2023-11-07T10:14:13","guid":{"rendered":"https:\/\/www.techopedia.com"},"modified":"2023-11-07T10:16:17","modified_gmt":"2023-11-07T10:16:17","slug":"tether-usdt-surges-past-86-billion-history-of-stablecoin-controversies","status":"publish","type":"post","link":"https:\/\/www.techopedia.com\/tether-usdt-surges-past-86-billion-history-of-stablecoin-controversies","title":{"rendered":"Tether (USDT) Surges Past $86 Billion: History of Stablecoin &#038; Controversies"},"content":{"rendered":"<p><a class=\"editor-rtfLink\" href=\"https:\/\/www.techopedia.com\/definition\/tether-usdt\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Tether (USDT)<\/span><\/a><span data-preserver-spaces=\"true\">, the world&#8217;s largest <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.techopedia.com\/definition\/stablecoin\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">stablecoin<\/span><\/a><span data-preserver-spaces=\"true\">, has reached a new milestone, with its market supply recently surpassing $86 billion. According to data from CoinMarketCap, USDT&#8217;s circulating supply currently stands at 85.42 billion, indicating a 22% year-over-year growth.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Tether surpassed the 84 billion mark on October 22, just two months after the leading stablecoin crossed the 83.76 billion milestone. In just two weeks following that milestone, the supply of USDT surged beyond the 85 billion mark.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"und\" dir=\"ltr\">85B <a href=\"https:\/\/twitter.com\/search?q=%24USDt&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" target=\"_blank\">$USDt<\/a><\/p>\n<p>&mdash; Paolo Ardoino \ud83e\udd16\ud83c\udf50 (@paoloardoino) <a href=\"https:\/\/twitter.com\/paoloardoino\/status\/1720088115661115866?ref_src=twsrc%5Etfw\" target=\"_blank\">November 2, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span data-preserver-spaces=\"true\">Amid its rising market capitalization and supply, the stablecoin continues to maintain its dominant position in the market. For perspective, the second-largest stablecoin,\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.techopedia.com\/definition\/usd-coin-usdc\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">USD Coin (USDC)<\/span><\/a><span data-preserver-spaces=\"true\">, has a distant market cap of $23.98 billion.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Likewise, USDT leads the pack with an average of 337,000 daily active addresses and 680,000 daily transactions. Data from DefiLlama, a\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.techopedia.com\/definition\/34630\/decentralized-finance-defi\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">decentralized finance<\/span><\/a><span data-preserver-spaces=\"true\"> analytics platform, further highlights USDT&#8217;s dominance, holding more than <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/defillama.com\/stablecoins\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">68% of the total stablecoin<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0market share.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Notably, USDT has also experienced a significant surge in its presence on cryptocurrency exchanges. Last month, the amount of USDT held on exchanges reached levels not seen since March 2023, indicating a 40% increase in available USDT since June 13.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">&#8220;The $9.99B worth of Tether sitting on exchanges is the highest level of buying power for crypto&#8217;s top stablecoin in approximately seven months,&#8221; crypto analytics platform Santiment said in a post on X (formerly Twitter). &#8220;Since June 13, these exchanges have seen a 40% increase in available USDT.&#8221;<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">This rise in holdings suggests that market participants are increasing their positions in USDT, pointing to growing interest from investors seeking to enter or re-enter the crypto market. Such inflows indicate that investors are preparing to execute buy orders at current or lower price levels.<\/span><\/p>\n<h2><span id=\"history_and_controversies_of_tether\">History and Controversies of Tether<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">Launched in 2014, Tether was initially introduced as Realcoin and operated on the\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.techopedia.com\/definition\/27193\/bitcoin-btc\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Bitcoin (BTC)<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0blockchain using the Omni Layer protocol. The primary objective of Tether was to create a stable digital currency that maintained a 1:1 peg with the US dollar.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">In 2015, Realcoin rebranded as Tether and expanded its offering to support multiple blockchain platforms, including\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.techopedia.com\/definition\/32571\/ethereum-cryptocurrency\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Ethereum (ETH)<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0and\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.techopedia.com\/definition\/tron-trx\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Tron (TRX)<\/span><\/a><span data-preserver-spaces=\"true\">. This allowed for the issuance of USDT on\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.techopedia.com\/an-introduction-to-blockchain-technology\/2\/32548\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">different blockchains<\/span><\/a><span data-preserver-spaces=\"true\">, increasing its accessibility and liquidity within the cryptocurrency ecosystem.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Tether&#8217;s main value proposition lies in its claim to be backed by reserves, with each USDT token representing a corresponding unit of fiat currency held in reserve. Initially, Tether asserted that US dollars fully backed its reserves, but in recent years, they have expanded to include other assets, such as cash equivalents and loans to affiliated entities.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Over the years, Tether has faced its fair share of allegations and controversies. One of the most significant concerns surrounding it is the issue of its backing.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The company claimed that each unit of Tether is backed by 1 USD. However, in 2021, the Attorney General of New York found that it was &#8220;lying&#8221; about the content of its reserves, fined it $18 million, and forced it to release regular reports detailing its actual reserves.<\/span><\/p>\n<p>&#8220;Tether&#8217;s claims that its virtual currency was fully backed by US dollars at all times was a lie,&#8221; NYAG Letitia James said at the time.<\/p>\n<p><span data-preserver-spaces=\"true\">Additionally, Tether has faced scrutiny for its association with the crypto exchange Bitfinex. One of the biggest controversies was over its suspicious comingling of funds.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Despite these controversies, Tether remains a crucial player in the cryptocurrency space. Last month, the company also\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-10-20\/tether-s-incoming-ceo-paolo-ardoino-inherits-crypto-s-stablecoin-giant-usdt\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">announced plans<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0to provide real-time updates of its reserve data to enhance\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.techopedia.com\/definition\/30368\/transparency-data\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">transparency<\/span><\/a><span data-preserver-spaces=\"true\"> and address concerns regarding the backing of Tether&#8217;s stablecoin.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Currently, Tether publishes and updates its reserves data at least once per day, as stated on its transparency page. The company releases monthly reserve reports and conducts quarterly reserve reviews.\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Tether (USDT), the world&#8217;s largest stablecoin, has reached a new milestone, with its market supply recently surpassing $86 billion. According to data from CoinMarketCap, USDT&#8217;s circulating supply currently stands at 85.42 billion, indicating a 22% year-over-year growth. Tether surpassed the 84 billion mark on October 22, just two months after the leading stablecoin crossed the [&hellip;]<\/p>\n","protected":false},"author":286581,"featured_media":123441,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_lmt_disableupdate":"","_lmt_disable":"","om_disable_all_campaigns":false,"footnotes":""},"categories":[601,602],"tags":[1023,1106,1339,1338],"category_partsoff":[],"class_list":["post-123439","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain","category-cryptocurrency","tag-blockchain","tag-cryptocurrency","tag-stablecoin","tag-tether"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.8 (Yoast SEO v23.8) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Tether (USDT) Surges Past $86 Billion: History &amp; Controversies<\/title>\n<meta name=\"description\" content=\"Tether (USDT), the world&#039;s largest stablecoin, has reached a new milestone, with its market supply recently surpassing $86 billion.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.techopedia.com\/tether-usdt-surges-past-86-billion-history-of-stablecoin-controversies\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Tether (USDT) Surges Past $86 Billion: History of Stablecoin &amp; 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