Crypto Biz: Tether’s 10 years with meteoric growth, ties to US, European hurdles
Tether has achieved its first 10 years with a considerable jump in its user base, a closer relationship with US authorities and fresh regulatory challenges in Europe.
Tether marked its first 10 years amid a considerable expansion in its user base. According to the stablecoin issuer, it had 350 million users on Oct. 7, an increase of 148% from its 141 million users in 2022.
Tether’s USDT (USDT) rapid growth over the past two years can be partially attributed to a tighter regulatory landscape in the United States, which has put pressure on domestic crypto companies since the FTX debacle in November 2022.
Increased scrutiny by regulators, combined with the 2023 banking crisis that led to the temporary depegging of its primary competitor, USD Coin (USDC), drove many users to move their assets away from US-based platforms amid concerns over regulatory risks and the stability of the financial system. Even though market conditions have evolved since then, Tether has successfully retained a significant portion of these users.
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Author: Ana Paula Pereira
