Golden Edition MicroStrategy is here:
Antalpha announces strategic investment in Tether Gold and expansion into new lending areas.
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PANews
PANews reported on May 29 that, according to The Block, two European companies invested by Tether, StablR, and the payment application Oobit jointly launched a stablecoin plan in line with the European Union's Crypto Asset Market Act (MiCA). The euro-pegged stablecoin EURR and the dollar-pegged stablecoin USDR issued by StablR will be connected to the Oobit payment system, and users can get 5% stablecoin cashback when using it. The move comes as Tether is phasing out of the European market due to compliance issues. At the end of 2024, Tether's euro stablecoin EURT was forced to delist due to non-compliance with MiCA requirements, and the coin's market capitalization peaked at $500 million. Exchanges including Binance and Kraken have also begun to delist USDT in the European Economic Area.
StablR holds an Electronic Money Institution (EMI) license issued by the Malta Monetary Authority and uses Tether's Hadron asset tokenization platform for compliance audits. Oobit received a $25 million Series A funding round in 2024 led by Tether, with investors including Solana co-founder Anatoly Yakovenko and others.
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LTR
Im long USDT and long USDT for the stablecoin supercycle guys
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Jon Ma
𝐇𝐞𝐫𝐞'𝐬 the bull case for 𝐂𝐢𝐫𝐜𝐥𝐞'𝐬 $6B 𝐈𝐏𝐎 👇
TL;DR Upside case for Circle is $30B in 3-5 years from growing total stablecoin supply to $1T, growing marketshare to 29% of stablecoin supply, distribution costs flatten. $CRCL could generate $1B of Net Income and at 30x PE ~$30B.
Background
Circle is the #2 stablecoin issuer in the world with USDC which sits at $62B up ~90% YoY.
At $26, the high range of the IPO price, Circle is valued at $6.3B fully diluted market cap or $5.3B enterprise value.
Most of the commentary on Circle has been around slowing 2024 revenue growth, decreasing gross profit from increasing distribution cost to parties like Coinbase, and falling interest rates.
Today, we focus on the upside case for Circle and USDC and what could go right if stablecoins continue to proliferate and how value accruals to Circle's core business.
Circle's core drivers TODAY are:
1. USDC supply growth: the amount of USDC minted and outstanding -- grows from demand for onchain finance, US dollar, global payments, fintechs / neobanks as global payment rail grows.
2. Fed Funds Rate: Majority of Circle's revenue comes from Reserve Income which is simply the reserves backing USDC held in short-term US Treasuries. Fed Funds Rate * USDC supply is ~ Reserve Income.
3. Distribution Cost: Reserve Income that is shared with 3rd parties where USDC is held like Coinbase.
Our Core Assumptions:
1. Total Stablecoin Supply grows to >$1T in the next 5 years.
Not a crazy assumption given major banks like JPM Morgan, Bank of America, Citi Group, etc are considering launching their own stablecoins, the advancement of the GENIUS bill, Stripe launching stablecoin financial accounts, and Meta exploring stablecoin payouts to creators, etc.
2. USDC grows market share from 24% to 28% in the next 5 years. USDC supply grows from $60B today to $240B in 2028.
3. Distribution costs by Circle grow from 60% to 70% of revenue in 2029. The % of USDC in circulation held on Coinbase’s platform grew from 5% in '22 to 12% in '23 to 20% in '24 to 25% in March '25. Its reasonable that distribution cost from Circle will grow if more USDC is held on external platforms.
4. OPEX grows incrementally: this is the biggest assumption we make that Circle's growth doesn't require tremendously more headcount and OPEX -- we have OPEX going from ~29% in 2024 to ~10% in 2025.
5. Our upside case is at 30x earnings and ~$1B of net income in 2028, that's $30B marketcap in 2028.
Note: we don't factor in Circle Payment Network or Circle's bridge CCTP which does $50B+ annualized bridge volume. These are all potential upside factors.
Core risks to the model above:
1. Proliferation of bank issued stablecoins or other stablecoin providers take market share like AUSD, USDe, USDs, etc.
2. Fed Funds rate nose dives due to recessionary fears.
3. Distribution costs keep growing as USDC proliferates via external parties.
4. Tether continue to be the dominant incumbents in stablecoins and as stablecoins grow ex-US, USDT grows and market share grows relative to USDC.
Comment below if you'd like the financial model.
𝘛𝘩𝘪𝘴 𝘢𝘯𝘢𝘭𝘺𝘴𝘪𝘴 𝘪𝘴 𝘧𝘰𝘳 𝘪𝘯𝘧𝘰𝘳𝘮𝘢𝘵𝘪𝘰𝘯𝘢𝘭 𝘢𝘯𝘥 𝘪𝘭𝘭𝘶𝘴𝘵𝘳𝘢𝘵𝘪𝘷𝘦 𝘱𝘶𝘳𝘱𝘰𝘴𝘦𝘴 𝘰𝘯𝘭𝘺 𝘢𝘯𝘥 𝘥𝘰𝘦𝘴 𝘯𝘰𝘵 𝘤𝘰𝘯𝘴𝘵𝘪𝘵𝘶𝘵𝘦 𝘧𝘪𝘯𝘢𝘯𝘤𝘪𝘢𝘭 𝘢𝘥𝘷𝘪𝘤𝘦. 𝘛𝘩𝘦 𝘷𝘪𝘦𝘸𝘴 𝘦𝘹𝘱𝘳𝘦𝘴𝘴𝘦𝘥 𝘩𝘦𝘳𝘦 𝘢𝘳𝘦 𝘴𝘰𝘭𝘦𝘭𝘺 𝘮𝘺 𝘰𝘸𝘯 𝘢𝘯𝘥 𝘥𝘰 𝘯𝘰𝘵 𝘳𝘦𝘧𝘭𝘦𝘤𝘵 𝘵𝘩𝘦 𝘷𝘪𝘦𝘸𝘴 𝘰𝘧 𝘈𝘳𝘵𝘦𝘮𝘪𝘴 𝘈𝘯𝘢𝘭𝘺𝘵𝘪𝘤𝘴 𝘐𝘯𝘤. 𝘈𝘭𝘸𝘢𝘺𝘴 𝘤𝘰𝘯𝘥𝘶𝘤𝘵 𝘺𝘰𝘶𝘳 𝘰𝘸𝘯 𝘳𝘦𝘴𝘦𝘢𝘳𝘤𝘩 𝘣𝘦𝘧𝘰𝘳𝘦 𝘮𝘢𝘬𝘪𝘯𝘨 𝘢𝘯𝘺 𝘪𝘯𝘷𝘦𝘴𝘵𝘮𝘦𝘯𝘵 𝘥𝘦𝘤𝘪𝘴𝘪𝘰𝘯𝘴.
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Simon Hayes
$FET / $USDT on @binance.
📈1 hour timeframe. Support $0.85, Resistance $0.92.
✍️Break & hold $0.92 for continuation to $1 and $1.20.
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The current price of Tether is ₺39.1081. Over the last 24 hours, Tether has decreased by -0.02%. It currently has a circulating supply of 152,913,418,920 USDT and a maximum supply of 152,913,418,920 USDT, giving it a fully diluted market cap of ₺5,978.18B. At present, the Tether coin holds the 0 position in market cap rankings. The Tether/TRY price is updated in real-time.
The rating provided is an aggregated rating collected by OKX TR from the sources provided and is for informational purpose only. OKX TR does not guarantee the quality or accuracy of the ratings. It is not intended to provide (i) investment advice or recommendation; (ii) an offer or solicitation to buy, sell or hold digital assets; or (iii) financial, accounting, legal or tax advice. Digital assets, including stablecoins and NFTs, involve a high degree of risk, can fluctuate greatly, and can even become worthless. The price and performance of the digital assets are not guaranteed and may change without notice. Your digital assets are not covered by insurance against potential losses. Historical returns are not indicative of future returns. OKX TR does not guarantee any return, repayment of principal or interest. OKX TR does not provide investment or asset recommendations. You should carefully consider whether trading or holding digital assets is suitable for you in light of your financial condition. Please consult your legal/ tax/ investment professional for questions about your specific circumstances.
By using the third-party website ("TPW"), you accept that any use of the TPW will be subject to and governed by the terms of the TPW. Unless expressly stated in writing, OKX TR and its affiliates ("OKX TR") are not in any way associated with the owner or operator of the TPW. You agree that OKX TR is not responsible or liable for any loss, damage and any other consequences arising from your use of the TPW. Please be aware that using a TPW may result in a loss or diminution of your assets.
Tether (USDT) is the world's first and most widely used stablecoin and the third-largest cryptocurrency by market cap. USDT is an Ethereum-based, asset-backed, stablecoin pegged to the US dollar. Hence, Tether's value is meant to remain consistently close to 1 USD.
Initially called Realcoin, Tether was launched in 2014 by Reeve Collins, Craig Sellars, and Brock Pierce. USDT tokens are issued by Tether Limited, a company controlled by Bitfinex, and can theoretically be redeemed at any time for an equivalent amount.
How does Tether work
Tether was initially built on top of the Bitcoin blockchain, but its network has now been expanded to run on over ten different blockchain protocols, including Ethereum (ETH), Tron (TRX), and Solana (SOL). Tether was also launched on the Omni layer, a platform for creating and trading assets on the Bitcoin network.
USDT can be minted or destroyed by its issuing company Tether Limited, and more importantly, be quickly and cheaply transferred to individuals over any supporting blockchain network. Whenever new USDT tokens are issued, Tether is meant to allocate the corresponding USD amount to its reserves, in order to ensure that USDT remains fully backed by cash and cash equivalents.
What is Tether used for?
USDT has become popular for trading across major exchanges due to its ease of use and wide acceptance. In most cases, users can also conveniently move their holdings between their Web3 wallets and exchanges.
Tether can also be used to gain some level of exposure to the US dollar. Tether Limited publishes a daily report on the value of its reserves and has quarterly assurance opinions issued by external accountants.
USDT developments
In an updated statement, Tether revealed that USDT tokens are no longer backed entirely by US dollar deposits. Instead, Tether is allegedly backed by reserves, including traditional currency, cash equivalents, short-term deposits, commercial papers, US treasury bills, corporate bonds, secured loans, precious metals, corporate funds, and more.
In January 2021, Tether Limited minted a record 2 billion USDT tokens in a single week. This came during tremendous growth in the crypto markets. The growing interest in USDT was due to several reasons, including an increasing lack of trust in the traditional financial system and rising institutional interest in cryptocurrencies.
In November 2021, USDT launched on the Avalanche platform. Avalanche, launched in 2020, is one of the blockchain industry's fastest and cheapest-to-use smart contracts platforms. The Avalanche-native USDT was first supported by Bitfinex and was said to offer cheaper and quicker USDT transactions.
In April 2022, USDT support was added for the blockchain network Kusama making Kusama the tenth network to support the asset-backed stablecoin. This represented a milestone for Kusama and an especially significant one for USDT. Kusama is a decentralized network of specialized, parallel blockchains closely related to the much more extensive Polkadot network and is often referred to as Polkadot's Canary network.
In May 2022, USDT was launched on the Polygon network. Polygon is an Ethereum scaling solution, also known as a sidechain or Layer-2 network, known for charging significantly lower transaction fees and being faster than its main network, Ethereum. At the time, Polygon had processed over $1.6 billion in transactions, had over $5 billion in locked value, and had more than 19,000 decentralized apps (DApps) running on it. Polygon is the 11th blockchain network that USDT was launched on.
Tether's expansion continued during 2023 with key partnerships such as that with Argentinian crypto payments provider KriptonMarket. The partnership supports USDT transactions at the Central Market of Buenos Aires, allowing customers to pay for goods using USDT. The collaboration also allows vendors to pay a portion of their employees' salaries in the stablecoin.
On August 12, 2024, USDT reached a new record market cap of $115 billion, on its way to capturing a 70% share of the total stablecoin market. The milestone followed noteworthy growth for the leading stablecoin, with USDT increasing its market cap by more than 40% between September 2023 and August 2024.
In the same month, Tether announced the expansion of USDT to the Aptos blockchain in a move that aimed to improve accessibility to digital currencies globally. The integration of USDT with Aptos brought lower gas fees and high performance to users of the chain, opening the door to wider adoption.
USDT price and tokenomics
Tether Limited controls the minting and burning of USDT tokens. IN theory, when there is demand for USDT, Tether mints new tokens and when USDT is sold, the corresponding number of tokens is burned.
There are about 116.99 billion USDT in circulation as of mid-2024, and USDT has a current total supply of 118 billion. Some USDT tokens are held in reserve by Tether Limited, explaining the gap between the number of tokens in circulation and the number in existence.
USDT has no supply cap, so any number of USDT tokens could potentially be created by Tether Limited, if there is sufficient collateral to back them. Minting new tokens doesn’t erode the value of existing tokens. Likewise, burning USDT tokens doesn’t increase token value.
About the founders
Tether was founded in 2014 by a group of early crypto adopters and Bitcoin enthusiasts passionate about digitizing fiat currencies. Its origins lie in the Mastercoin protocol, based on the Bitcoin blockchain.
Brock Pierce was one of the original members of the Mastercoin Foundation who helped develop and promote Mastercoin. Pierce, Craig Sellars, and Reeve Collins co-founded Tether in 2014, with Mastercoin protocol as its technological foundation.
Tether's precursor, "Realcoin," was announced in July 2014, and the first tokens were issued in October 2014. The project was renamed Tether in November of that year, alongside an announcement of entering the private beta phase, with three currencies: USTether (for USD), EuroTether (for EUR), and YenTether (for JPY).
Brock Pierce is a widely known entrepreneur and co-founder of multiple high-profile entertainment and crypto projects, including Blockchain Capital and Block.one, the company that created the EOS blockchain. He also served as Director of a non-profit organization called Bitcoin Foundation, created to improve and promote Bitcoin.
Reeve Collins is also a serial entrepreneur who had already co-founded successful companies like Traffic Marketplace, RedLever, and Pala Interactive. On the other hand, Craig Sellars has been an active member of the Omni Foundation and associated with multiple organizations, including Bitfinex, Synereo, MaidSafe Foundation, and Factom.
Number of posts mentioning a token in the last 24h. This can help gauge the level of interest surrounding this token.
Contributors
Number of individuals posting about a token in the last 24h. A higher number of contributors can suggest improved token performance.
Interactions
Sum of socially-driven online engagement in the last 24h, such as likes, comments, and reposts. High engagement levels can indicate strong interest in a token.
Sentiment
Percentage score reflecting post sentiment in the last 24h. A high percentage score correlates with positive sentiment and can indicate improved market performance.
Volume rank
Volume refers to post volume in the last 24h. A higher volume ranking reflects a token’s favored position relative to other tokens.
In the last 24 hours, there have been 2.7K new posts about Tether, driven by 1.8K contributors, and total online engagement reached 888K social interactions. The sentiment score for Tether currently stands at 83%. Compared to all cryptocurrencies, post volume for Tether currently ranks at 2112. Keep an eye on changes to social metrics as they can be key indicators of the influence and reach of Tether.
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Posts
2,652
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1,796
Interactions
887,573
Sentiment
83%
Volume rank
#2112
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Posts
1,331
Interactions
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Tether FAQ
What is a stablecoin?
Stablecoins are cryptocurrencies designed to have a fixed price by having their value pegged to some cryptocurrency, commodity, fiat currency, or financial instrument or by utilizing an arbitrage system.
What is USDT?
USDT is a stablecoin pegged to the value of the US dollar. It was launched in 2014 to facilitate the transfer of fiat currencies on the blockchain. USDT is also the largest stablecoin after USD Coin (USDC). Tether is issued by Tether Limited, a company based in Hong Kong, and operates on blockchain networks, including Bitcoin, Ethereum, and Tron. Each USDT token represents one US dollar held in reserve by Tether Limited.
Why would I want to buy USDT?
USDT provides a stable and secure way to store and transfer value on the blockchain. As a stablecoin, its value is pegged to the US Dollar, which makes it less volatile than other cryptocurrencies. This stability makes it a popular choice for traders who want to minimize their exposure to cryptocurrency market fluctuations.
Another good reason to buy Tether is its wide acceptance among cryptocurrency exchanges, which makes it a convenient way to move funds between different trading platforms. However, like most digital assets, cryptocurrency is deemed high-risk and prone to sharp price changes and volatility. Therefore, always DYOR before making any financial decisions.
Where can I buy USDT tokens?
Easily buy USDT tokens on the OKX TR cryptocurrency platform. Available trading pairs in the OKX TR spot trading terminal include USDT/USDC, BTC/USDT, ETH/USDT, and OKB/USDT.
To view the estimated real-time conversion prices between fiat currencies, such as the USD, EUR, GBP, and others, into USDT, visit the OKX TR Crypto Converter Calculator. OKX TR's high-liquidity crypto exchange ensures the best prices for your crypto purchases.
Another option to buy USDT tokens is through the OKX TR P2P Trading marketplace. P2P trading allows users to buy and sell cryptocurrencies directly from other users without needing a middleman.
Can I use USDT to buy other cryptocurrencies?
With OKX TR, you can easily use USDT to buy other crypto assets, including Bitcoin (BTC), Algorand (ALGO), XRP (XRP), and Bitcoin Cash (BCH), using OKX TR Convert. OKX TR Convert allows users to convert top crypto and stablecoins like USDT with zero fees and no slippage.
How much is 1 Tether worth today?
Currently, one Tether is worth ₺39.1081. For answers and insight into Tether's price action, you're in the right place. Explore the latest Tether charts and trade responsibly with OKX TR.
What is cryptocurrency?
Cryptocurrencies, such as Tether, are digital assets that operate on a public ledger called blockchains. Learn more about coins and tokens offered on OKX TR and their different attributes, which includes live prices and real-time charts.
When was cryptocurrency invented?
Thanks to the 2008 financial crisis, interest in decentralized finance boomed. Bitcoin offered a novel solution by being a secure digital asset on a decentralized network. Since then, many other tokens such as Tether have been created as well.
Watch this video to learn about what happens when you move your money to a crypto exchange.
Disclaimer
The social content on this page ("Content"), including but not limited to tweets and statistics provided by LunarCrush, is sourced from third parties and provided "as is" for informational purposes only. OKX TR does not guarantee the quality or accuracy of the Content, and the Content does not represent the views of OKX TR. It is not intended to provide (i) investment advice or recommendation; (ii) an offer or solicitation to buy, sell or hold digital assets; or (iii) financial, accounting, legal or tax advice. Digital assets, including stablecoins and NFTs, involve a high degree of risk, can fluctuate greatly. The price and performance of the digital assets are not guaranteed and may change without notice. OKX TR does not provide investment or asset recommendations. You should carefully consider whether trading or holding digital assets is suitable for you in light of your financial condition. Please consult your legal/tax/investment professional for questions about your specific circumstances. For further details, please refer to our Terms of Use and Risk Warning. By using the third-party website ("TPW"), you accept that any use of the TPW will be subject to and governed by the terms of the TPW. Unless expressly stated in writing, OKX TR and its affiliates (“OKX TR”) are not in any way associated with the owner or operator of the TPW. You agree that OKX TR is not responsible or liable for any loss, damage and any other consequences arising from your use of the TPW. Please be aware that using a TPW may result in a loss or diminution of your assets. Product may not be available in all jurisdictions.
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