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Research Report on Tether by

Tether Research
Download PDF • 581KB

We received a research report on Tether from, a public chain project led by Sunny King, released in July 2020. The full report is available to download.

The original report is in Chinese. We sum up the key points as follows:

  1. USDT is the first stablecoin pegged to USD

  2. Launched in 2015 with a $450K market cap; by August 2020, it is over $12B

  3. USDT is distributed on multiple public chains, 59% of USDT via Ethereum, 28% via Tron, 13% via Omni

  4. Among the stablecoins, USDT has a market share of 83.8%, followed by PAX 9.2%, USDC 1.99%

  5. On May 1, the volume of Tether hit the historical high of $87B per day

  6. Main uses of USDT in China include:

    1. arbitrage, hedging

    2. the demand for USDT becoming a market trend indicator of crypto

    3. intermediary between fiat and crypto for OTC trading in China

    4. a vehicle to using fiat money in crypto trading, which will trigger regulatory scrutiny

    5. cross-border payments, settlement

    6. DeFi

  7. Revenue income: interest income, fees, cross-sale between Bitfinex and Tether, between Tether and Aave

  8. Other stablecoins released by Tether including Tether Gold, CNHT pegged to offshore RMB, EURT pegged to EURO

For any question or assistance with translation of the document, please contact


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