Tether (USDT) Price Live Data

As of Jan 15, 2025, the global cryptocurrency market cap is ₹292.97T with a +2.65% change in the last 24 hours. Today's price of Tether (USDT) is ₹86.38, with a 24-hour trading volume of ₹8.77T. Tether (USDT) is -0.01% in the last 24 hours, with a circulating supply of ₹137.24B Tether (USDT) coins and a maximum supply of ♾️USDT coins. It has a 24H all-time high of ₹105.03 (-17.74%) recorded on Feb 25, 2015, and its 24H all-time low was ₹49.11 (+75.93%), recorded on Mar 02, 2015. Easily buy and trade USDT/INR coins on SunCrypto, India's most secure and user-friendly cryptocurrency exchange, trusted by millions for their crypto trading needs!

Tether, (often referred to by its currency codes USD$ and USDT), is a cryptocurrency stablecoin launched by Tether Limited Inc. in 2014. Known as the pioneer of stablecoins, Tether has played a significant role in bridging the gap between traditional finance and cryptocurrencies. 

With its value pegged to fiat currencies such as the U.S. dollar, euro, and Japanese yen, Tether offers traders, businesses, and investors stable, digital liquidity within the volatile crypto ecosystem.

Tether's predecessor, originally called "Realcoin", was introduced in July 2014 by co-founders @BrockPierce, @ReeveCollins, and @CraigSellars. Based in Santa Monica, the startup officially issued its first tokens on October 6, 2014, using the Bitcoin blockchain.

As of August 1, 2024, Tether reported holding $118.4 billion in reserves, including $5.3 billion in excess reserves. During the second quarter of 2024, Tether recorded a net operating profit of $1.3 billion, contributing to its cumulative $5.2 billion profit for the year's first half. The company also disclosed net equity of $11.9 billion, surpassing $114 billion in market capitalization. These financial milestones reflect Tether’s central role in the global cryptocurrency market.

Despite its dominance, Tether continues to face scrutiny over the transparency and verifiability of its claimed fiat reserves. It remains the most traded cryptocurrency globally, commanding 70% of the stablecoin market share and surpassing Bitcoin’s trading volume as early as 2019. As of July 2024, Tether has amassed over 350 million users worldwide, demonstrating its unparalleled reach in the crypto space.

Tether Limited, the entity behind the stablecoin, is owned by iFinex—a company headquartered in the British Virgin Islands that also operates the prominent cryptocurrency exchange Bitfinex. As of January 2024, Tether has been minted across fourteen different blockchains and protocols, making it one of the most widely supported digital currencies globally.

History of Tether

Creation and Early Development (2012–2014)

The origins of Tether can be traced to a whitepaper published in 2012 by J.R. Willett, which proposed building new cryptocurrencies on top of Bitcoin’s blockchain infrastructure. Willett implemented this vision through the Mastercoin protocol, a “second layer” solution for Bitcoin. The Mastercoin Foundation, later renamed the Omni Foundation, was established to promote the protocol. Tether’s technology evolved directly from Mastercoin, with one of the foundation’s members, Craig Sellars, playing a key role as a Tether co-founder.

In July 2014, Tether was initially introduced as “Realcoin” by co-founders Brock Pierce, Reeve Collins, and Craig Sellars. The first tokens were issued on October 6, 2014, leveraging Bitcoin’s blockchain through the Omni Layer protocol. Realcoin aimed to facilitate property transfers and contracts without intermediaries, enabling commercial use cases within Bitcoin’s decentralized network.

On November 20, 2014, the project was rebranded as “Tether,” reflecting its ambition to tie digital tokens to fiat currency reserves. The company launched a private beta, offering “Tether+” tokens pegged to three major currencies: U.S. dollar (USTether or US+), euro (EuroTether or EU+), and Japanese yen (YenTether or JP+). Tether Holdings Limited was incorporated in the British Virgin Islands, with operations later expanding to Switzerland. However, the company has never conducted a full independent audit of its reserves, a point of persistent controversy.

Expansion and Controversies (2015–2018)

In January 2015, Tether gained traction when the Bitfinex exchange integrated Tether trading into its platform. This partnership marked the beginning of Tether’s rapid growth and cemented its role as a critical liquidity provider for crypto traders. However, the close relationship between Tether and Bitfinex has often drawn scrutiny. In 2017, leaks from the Paradise Papers revealed that key Bitfinex executives, including Philip Potter and Giancarlo Devasini, had established Tether Holdings Limited in the British Virgin Islands.

Between January 2017 and September 2018, Tether’s outstanding supply skyrocketed from $10 million to $2.8 billion. By mid-2018, Tether accounted for nearly 80% of Bitcoin’s trading volume, underscoring its dominance in the crypto trading ecosystem. However, concerns over Tether’s backing intensified in October 2018 when its value briefly dropped to $0.88 due to perceived credit risks.

The Wall Street Journal later reported on internal discussions at Tether Holdings Ltd., where co-owner Stephen Moore allegedly facilitated the use of fake sales invoices to bypass banking restrictions in China. Tether denied the report, calling it “inaccurate and misleading,” without addressing specific claims.

Continued Growth and Regulatory Scrutiny (2019–2024)

2019

In 2019, Tether surpassed Bitcoin as the most traded cryptocurrency worldwide, holding the highest daily and monthly trading volumes.

• Regulatory and Legal Issues:
  Tether and its associated platform, Bitfinex, faced legal scrutiny in 2019. The New York Attorney General (NYAG) launched an investigation into Bitfinex's use of Tether reserves to cover up $850 million in alleged losses. The investigation raised concerns about Tether's transparency and its claim of being fully backed by fiat currency. These events brought ongoing debates about Tether's legitimacy into the spotlight.
  
  

• Market Expansion:
  Despite regulatory challenges, Tether's adoption grew significantly in 2019. It expanded its issuance across multiple blockchains, including Tron and EOS, enhancing its accessibility and utility for crypto traders.
  
  

• Stablecoin Dominance:
  By the end of 2019, Tether emerged as the dominant stablecoin, surpassing its competitors in trading volume and market adoption. Its role as a trading pair for Bitcoin and other cryptocurrencies cemented its position as a core component of the crypto ecosystem.
  
  

2020:

• Massive Growth in Market Cap:
  Tether's market capitalization surged in 2020, exceeding $20 billion by the end of the year. The COVID-19 pandemic accelerated the demand for stablecoins like Tether, as investors sought stability amid market volatility. The rise of DeFi (Decentralized Finance) protocols also contributed to Tether's widespread use as collateral and a stable medium of exchange.
  
  

• Blockchain Expansion:
  Tether continued to expand its support for more blockchains, including Algorand, OMG Network, and Solana, further boosting transaction speeds and reducing fees. This multi-chain strategy helped Tether maintain its dominance in the growing stablecoin market.
  
  

• Controversy Over Reserves:
  Questions about Tether's reserves persisted in 2020. Critics and regulators repeatedly challenged Tether's claim that every USDT in circulation was backed 1:1 by U.S. dollars. These concerns were a focal point in discussions about transparency and trust within the stablecoin market.
  
  

• Increased Adoption in Global Markets:
  Tether saw increased use in markets with economic instability, such as countries facing hyperinflation or currency devaluation. It became a reliable alternative for individuals seeking to preserve their purchasing power.
  
  

By the end of 2020, Tether was firmly established as the leading stablecoin in the crypto market, playing a crucial role in trading, DeFi, and global financial transactions. However, ongoing regulatory challenges and questions about its reserves remained significant concerns for the industry. 

2021:

By 2021, it was involved in over half of all Bitcoin trades. Despite its success, regulatory concerns mounted. The Commodity Futures Trading Commission (CFTC) fined Tether in 2021 for failing to maintain full reserves during 27.6% of the period between 2016 and 2018.

• In February 2021, Tether and BitFinex agreed to pay an $18.5 million fine to settle a case. They also stopped doing business with New York residents or companies and promised to share details about their financial reserves with the New York Attorney General's office for two years.

• In October 2021, the U.S. Commodity Futures Trading Commission (CFTC) said Tether would pay a $41 million fine for falsely claiming its stablecoin was fully backed by U.S. dollars. The CFTC found that Tether had enough cash reserves to back its tokens only 27.6% of the time between 2016 and 2018. Bitfinex also agreed to pay $1.5 million to settle related claims.

2022

In response to growing calls for transparency, Tether began publishing quarterly attestations in July 2022, conducted by accounting firm BDO. However, these attestations are limited to snapshots of assets at a specific point in time, falling short of rigorous audits.

Tether’s prominence in emerging markets grew as it launched the MXNT stablecoin pegged to Mexico’s peso in 2022. The company also played a pivotal role during the broader market turmoil of 2022, when competitors like Circle struggled to maintain growth.

• In May 2022, Tether’s price briefly dropped to $0.96 after the collapse of TerraUSD (UST), even though TerraUSD was unrelated to Tether or BitFinex. Tether’s price quickly recovered to over $0.99, and the company continued honouring requests to exchange Tether tokens for U.S. dollars at a 1-to-1 rate.

• Tether launched a new stablecoin called MXNT, backed by the Mexican peso, after earlier introducing stablecoins for Europe (EURT) and China (CNHT).

2023

By 2023, Tether had expanded its scope, investing heavily in new technologies, bitcoin mining, and renewable energy. In May 2023, it announced plans for a bitcoin mining operation in Uruguay, leveraging the country’s renewable energy resources. Similarly, in June 2023, Tether signed a memorandum with the Government of Georgia to support blockchain development and local startups.

• In 2023, Tether entered the artificial intelligence sector by acquiring Northern Data Group.

• Paolo Ardoino, Tether’s former Chief Technology Officer and a strong supporter of cryptocurrency and blockchain solutions was appointed as the new CEO.

• A long-running lawsuit against Tether and BitFinex ended in November 2023 when Judge Laura Swain dismissed the claims.

• Tether continued working to improve cryptocurrency security, educate users and policymakers, and assist law enforcement agencies.

2024

Tether reported a record-breaking $5.2 billion profit in the first half of 2024, showcasing its robust financial performance.

• The company also revealed an all-time high $97.6 billion investment in U.S. Treasury bills, making it one of the largest holders of U.S. Treasuries globally, behind only the U.K. and Cayman Islands​.

• Tether’s Q1 attestation report highlighted its total assets of over $110 billion, with liabilities amounting to $104 billion, ensuring a strong surplus of over $6 billion. This reflects its commitment to transparency and maintaining full backing for its USDT tokens​.

• Tether expanded its investments in areas such as artificial intelligence (AI), renewable energy, and Bitcoin mining. These strategic moves reinforce its broader focus on emerging technologies​.

• In December 2024, Tether’s USDT was officially recognized as an Accepted Virtual Asset (AVA) in the Abu Dhabi Global Market (ADGM), further strengthening its global reach and regulatory acceptance​.

• Tether issued more than $8 billion USDT in the second quarter of 2024, reflecting its increasing demand and dominance in the stablecoin market​.

These advancements emphasize Tether's continued dominance as a stablecoin leader, its strong financial foundation, and its growing role in emerging markets and sectors.

Financial Innovations and Investments

Tether’s growing profitability has allowed it to make strategic investments across various sectors. In April 2024, the company invested $200 million from its excess reserves into Blackrock Neutro, a brain-chip company developing neural implants for brain-to-computer interfaces. That same year, Tether restructured its operations into four divisions:

1. Finance: Focused on traditional financial stability and liquidity management.

2. Data: Developing blockchain analysis and financial crime monitoring solutions.

3. Power: Investing in renewable energy and bitcoin mining.

4. Edu: Promoting blockchain and digital technology education worldwide.

Allegations of Price Manipulation

Tether has faced accusations of market manipulation since its inception. Academic research by Griffin and Shams suggested that Tether issuances correlated with Bitcoin price increases during downturns. However, subsequent studies disputed these claims, arguing that investor behaviour following announcements of new USDT minting better explains market movements.

Media investigations, such as Bloomberg’s 2018 report on trading patterns on Kraken, raised concerns over irregular orders affecting Tether’s price. Kraken refuted these claims, emphasizing Tether’s status as a stablecoin pegged to the U.S. dollar. Academic analyses have largely supported Kraken’s rebuttal, finding no evidence of wash trading or manipulation.

Security and Liquidity Challenges

Tether’s promise to hold fiat reserves equivalent to its outstanding tokens has been a contentious issue. In November 2017, hackers stole $31 million worth of USDT, forcing Tether to implement a hard fork to recover stolen funds. Additionally, the company’s 2021 CFTC settlement highlighted gaps in its historical reserve management.

Legal challenges continued into 2022 when a U.S. court ordered Tether and Bitfinex to produce documents verifying USDT’s reserves. Meanwhile, Tether has enhanced its collaboration with law enforcement agencies to combat illicit activities. In November 2023, Tether froze $225 million linked to a Southeast Asian human trafficking operation at the request of the U.S. Secret Service.

Regulatory Engagement and Future Prospects

Tether’s efforts to comply with global regulations have been increasingly visible. CEO Paolo Ardoino emphasized the company’s strengthened sanctions controls in December 2023, revealing Tether’s role in freezing hundreds of millions of dollars linked to illicit activities.

The company has also embraced transparency through initiatives like Tether Edu, launched in February 2024 to promote blockchain education across emerging markets. Tether’s partnership with TRM Labs and Tron to form the T3 Financial Crime Unit in September 2024 underscores its commitment to curbing illicit stablecoin usage.

With record profits driven by U.S. Treasury holdings, gold, and Bitcoin investments, Tether has solidified its position as a major financial player. As of August 2024, Tether holds over $97.6 billion in U.S. Treasuries, positioning itself among the world’s largest buyers of Treasury bills.

Tether’s journey from its inception as “Realcoin” to becoming the largest stablecoin by trading volume reflects its resilience and adaptability in a rapidly evolving market. While it continues to face challenges related to transparency, regulation, and allegations of manipulation, Tether’s strategic investments in renewable energy, education, and blockchain infrastructure showcase its broader ambitions beyond stablecoins.

By aligning its operations with regulatory standards and expanding its technological scope, Tether is poised to remain a dominant force in the digital financial ecosystem for years to come. Its ability to navigate criticism while maintaining unparalleled liquidity and market reach highlights its indispensable role within the cryptocurrency landscape.

To learn more about cryptocurrencies like Tether (USDT), visit SunCrypto Coin Analysis.