How much Tether (USDT) is in circulation?

As of July 9, 2023, there are over 83 billion Tether (USDT) in circulation. This makes it the most popular stablecoin in the world, with a market capitalization of over $70 billion.

Tether is a stablecoin, which means that it is designed to have a stable value, typically pegged to a fiat currency like the US dollar. Tether is issued by Tether Limited, a company based in the British Virgin Islands.

Tether Limited claims that each USDT is backed by one US dollar held in reserve. However, there have been concerns about the transparency of Tether Limited’s reserves.

In 2017, Tether Limited was hacked and $30 million worth of USDT was stolen. The hacker was able to exploit a vulnerability in Tether’s code to mint new USDT tokens without having the corresponding funds in reserve. Tether Limited was able to recover the stolen funds, but the incident raised concerns about the security of Tether’s reserves.

The amount of Tether in circulation has been growing rapidly in recent years. In 2017, there were only about 1 billion USDT in circulation. By 2020, that number had grown to over 20 billion USDT. And as of July 9, 2023, there are over 83 billion USDT in circulation.

The growth of Tether has been driven by a number of factors, including:

  • The increasing popularity of cryptocurrency trading. Tether is a popular way to store value and trade cryptocurrencies.
  • The lack of regulation in the cryptocurrency market. Tether is not subject to the same regulations as traditional fiat currencies. This makes it an attractive option for investors who are looking to avoid government oversight.
  • The concerns about the stability of other cryptocurrencies. Tether is seen as a more stable option than other cryptocurrencies, which have been known to experience wild fluctuations in value.

The growth of Tether has been met with some concerns. Some critics have argued that Tether is not actually backed by US dollars in reserve, and that it is a Ponzi scheme. Others have argued that Tether’s growth is unsustainable, and that it could lead to a crash in the cryptocurrency market.

It is important to do your own research before using any stablecoin, especially Tether.