Tether (USDT) is one of the most well-known and widely used stablecoins in the cryptocurrency world. Its main goal is to provide price stability by pegging the token’s value to traditional currencies such as the US dollar.
Foundation and development
Tether was founded in 2014 under the name Realcoin by Brock Pierce, Reeve Collins, and Craig Sellars. In November 2014, the project was renamed Tether to better reflect its mission of creating a digital equivalent to traditional currencies.
Founders
Brock Pierce is one of the co-founders of Tether, a former child actor, and a US presidential candidate. He is also known for his investments in various blockchain projects.
Reeve Collins is the co-founder and former CEO of Tether, who announced the rebranding from Realcoin to Tether.
Craig Sellars is the co-founder and CTO of the Mastercoin Foundation, which created Tether. He played a key role in the technical implementation of the project.
Annual income
Tether has seen significant revenue growth in recent years. In 2023, the company recorded net income of $6.2 billion. In the first quarter of 2024, Tether achieved record profits of $4.52 billion. The main sources of revenue include interest from U.S. Treasury bonds and the appreciation of gold and Bitcoin.
Number of users
As of July 2024, Tether has over 350 million users worldwide, making it the largest stablecoin by trading volume and number of users. Tether's popularity is due to its stability and wide use in various financial transactions, including cryptocurrency trading and international transfers.