Tether‘s (USDT) stablecoin has achieved a significant milestone, with its supply surpassing $115 billion, as confirmed by CEO Paolo Ardoino on Aug. 8 via social media platform X. This development marks a crucial moment for Tether, coinciding with a broader resurgence in the cryptocurrency market.
USDT Market Dominance Grows
Data from CryptoSlate indicates that USDT’s market capitalization increased by over $1 billion within the past week. This growth aligns with Bitcoin’s price rebound to $62,000, following a dip to $49,000. Additionally, blockchain analyst Lookonchain reported the movement of $1.3 billion worth of USDT to several centralized exchanges, including Kraken, OKX, Coinbase, and Bullish, further fuelling market momentum.
As a result of this surge, USDT’s dominance in the stablecoin market has reached approximately 70%. Tether’s transparency page reveals that over 50% of its supply resides on the Tron blockchain, while around 41% is held on Ethereum.
Compliance and Workforce Expansion
In an interview with Bloomberg on Aug. 8, Ardoino outlined Tether’s plans to expand its workforce to 200 employees by mid-2025, with a particular focus on strengthening its compliance team. This move comes as Tether faces increasing scrutiny over the potential misuse of USDT by sanctioned entities and malicious actors.
Despite operating with a smaller workforce compared to other tech and crypto giants, Tether reported record profits of $5.2 billion in the first half of 2024. The company remains committed to bolstering its compliance efforts and collaborating with authorities to mitigate illicit activities.
Promoting Blockchain Education in Africa
In parallel, Tether is advancing blockchain education through a partnership with the Africa Blockchain Institute. This collaboration aims to educate students across five universities in the Ivory Coast about blockchain technology, cryptocurrencies, smart contracts, DeFi, and industry applications.
Ardoino emphasized the importance of this initiative, highlighting the growing interest in crypto across Africa. He stated, “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.”
