The first and biggest stablecoin, Tether, has finished nine years of research and development in the blockchain and DeFi fields. Tether has been active in this market for approximately ten years from the issuance of the first stablecoin on October 6, 2014. The Omni blockchain was the first to implement the USD-backed stablecoin USDT.
Over the years, Tether has continued to innovate and release new stablecoin products and applications leveraging USDT. Over time, the organization has expanded its influence into P2P technology, AI, and bitcoin mining. The co-founder and chief technology officer of Tether, Paolo Ardoino, has acknowledged the years-long journey that took 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,” remarked Paolo. “Tether we are extremely proud of the innovation we made available to the world.”
He proclaimed that stablecoin was not well known before 2016, but it gained popularity in 2017 and 2018 as consumers began utilizing USDT as a benchmark in cryptocurrency markets. Several rivals entered the market in 2018 with the intention of issuing stablecoin and utilizing the technology behind it.
Tether is the largest stablecoin by market capitalization and the third-largest cryptocurrency at the moment. According to data from Coinmarketcap, It currently has a market cap of $83.4 billion with its stablecoin USDT deployed across numerous chains.
At the time, Tether announced its investment in the peer-to-peer messaging service Keet as well as additional planned investments in fields like artificial intelligence (AI), education, renewable energy, and bitcoin mining.
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