Tether’s stablecoin (USDT) has reached a historic milestone by surpassing $115 billion in supply, according to an Aug. 8 post from CEO Paolo Ardoino on social media platform X.
CryptoSlate Data shows that USDT’s market cap increased by more than $1 billion last week. This surge coincided with Bitcoin’s price rebounding to $62,000 after falling to $49,000.
Blockchain analyst Lookonchain reported that $1.3 billion worth of USDT has been moved to several centralized exchanges, including Kraken, OKX, Coinbase, and Bullish, as part of the broader bullish trend in the cryptocurrency market since August 5.
This achievement increased USDT’s dominance in the stablecoin market to around 70%. Data from Tether’s transparency page showed that over 50% of Tether’s supply is on Tron, while around 41% is on Ethereum.
Compliance and expansion
Meanwhile, Ardoino said Bloomberg On August 8, the company planned to increase its workforce to 200 people by mid-2025, with a focus on strengthening its compliance team.
Ardoino highlighted the company’s commitment to mitigating illicit activity related to its stablecoin in secondary markets.
Over the past year, Tether has come under increased scrutiny due to the potential misuse of USDT by sanctioned entities and malicious actors. However, the company has continued to publicly state that it is strengthening its compliance efforts by cooperating with authorities.
Despite having a smaller workforce than other tech and crypto giants, Tether reported record profits of $5.2 billion in the first half of 2024.
Cryptography Education Initiatives
Meanwhile, Tether is also advancing blockchain education through a partnership with the Africa Blockchain Institute.
This collaboration aims to train students from five Ivorian universities — including Alassane Ouattara University, Abobo-Adjamé University, Félix Houphouët-Boigny University, and Félix Houphouët-Boigny National Polytechnic Institute — on blockchain technology, cryptocurrencies, smart contracts, DeFi, and industrial applications.
Ardoino highlighted the importance of this initiative, noting the growing interest in cryptocurrency across Africa and its increasing relevance in everyday life. He added:
“Tether is committed to equipping the next generation of Ivorian and African leaders with the skills and understanding needed to excel in the digital economy. We believe it is essential that people have the knowledge to make informed decisions.”
