Tether, the first and largest stablecoin, has completed 9 years of development in the blockchain and DeFi space.
With the issuing of the first ever stablecoin on October 6, 2014, Tether has been in this space for almost a decade now. The USD-backed stablecoin USDT was first deployed on the Omni blockchain.
Tether has continued to innovate and introduce novel stablecoin applications and products using USDT over the years. The company has also diversified its presence into Bitcoin mining, P2P tech, AI throughout the period. It has also launched Tether Gold, $XAUt, which will be fully backed by physical gold held in Switzerland.
Paolo Ardoino, the co-founder and CTO at Tether, has recognized the years of journey which led the company from the first stablecoin issuer to the largest stablecoin by market cap.
“That moment signed the birth of an idea, a technology and eventually an industry that is revolutionizing the world of finance,” said Paolo. “At Tether we are extremely proud of the innovation we made available to the world.”
He exclaimed that not many people understood stablecoin until 2016. It came to the limelight in 2017 and 2018, when users started using USDT as a reference currency in crypto markets. 2018 was the year when a number of competitors entered the market to issue stablecoin and leverage the technology behind it.
Tether is currently the third largest cryptocurrency, alongside being the largest stablecoin by market capitalization. According to data from Coinmarketcap, it currently has a market cap of $83.4 billion with its stablecoin USDT deployed across numerous chains.
To celebrate it’s ninth anniversary, Tether has announced investments in the peer-to-peer communication application ‘Keet by’, as well as other upcoming investments in industries such as AI, education, renewable energy, and Bitcoin mining.