$USDC Tether, often referred to by its currency codes USD₮ and USDT, is a cryptocurrency stablecoin launched by Tether Limited Inc. in 2014.[3][4] It is pegged to the United States dollar, and is distinct from a central bank digital currency (CBDC). As of 1 August 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

Tether is the largest cryptocurrency in terms of trading volume, holding 70% of the market share among stablecoins. In 2019, it surpassed bitcoin to become the most traded cryptocurrency globally.[7][8][9] As of July 2024, Tether has more than 350 million users worldwide.[10] Tether Limited is owned by iFinex, a company based in the British Virgin Islands which also operates the Bitfinex cryptocurrency exchange.[11] As of January 2024, Tether's official website lists fourteen protocols and blockchains on which Tether has been minted.[1] Tether faces criticism regarding the transparency and verifiability of its claimed fiat reserves.[12]