一头5000亿美元估值巨兽，正在浮出水面

Core Viewpoint - The article discusses the rise of Tether (USDT) as a dominant stablecoin, highlighting its significant user base, market valuation, and the unique strategies that have contributed to its success in emerging markets, particularly in the context of high inflation and currency devaluation in countries like Argentina [3][10][34]. Group 1: Tether's Market Position - Tether has over 500 million "real users," representing approximately 6.25% of the global population, with a market capitalization exceeding $180 billion [9][10]. - Tether's net profit for 2024 is projected to reach $13 billion, surpassing that of some of the largest global banks [11]. - Tether is seeking to raise $15 billion with a target valuation of $500 billion, comparable to major tech companies like OpenAI and ByteDance [12][13]. Group 2: User Adoption and Growth - The adoption of stablecoins, particularly USDT, has surged in regions like Africa and South America, driven by the need for wealth preservation and efficient cross-border payments [5][6][51]. - In Argentina, approximately two-thirds of the cryptocurrencies purchased are stablecoins pegged to the US dollar, primarily USDT [6]. - The user base of Tether has grown from around 3 million in 2020 to 500 million in recent years, indicating a significant increase in demand for stablecoins [23]. Group 3: Competitive Landscape - Tether holds a dominant market share of approximately 59% in the stablecoin market, with its closest competitor, Circle's USDC, holding about 24% [34]. - The stablecoin market is expected to grow significantly, with projections suggesting it could exceed $2 trillion by 2028 [33]. - Tether's success is attributed to its ability to operate in a regulatory gray area, allowing for rapid expansion without the constraints faced by more compliant competitors like Circle [56]. Group 4: Strategic Partnerships and Innovations - Tether has invested in over 100 companies globally to establish a wide distribution network, particularly in emerging markets [49]. - The company has developed innovative projects, such as solar-powered service kiosks in Africa, to enhance its presence and utility in local markets [50]. - Tether's approach to market entry involves grassroots education and partnerships with local businesses, contrasting with competitors that focus on large institutional partnerships [48]. Group 5: Regulatory Challenges and Future Outlook - Tether faces potential regulatory scrutiny as the stablecoin market matures, with increasing emphasis on compliance and transparency [58][60]. - The competitive landscape is shifting, with regulatory compliance becoming a critical factor for success, potentially impacting Tether's market share in the long term [62]. - Despite these challenges, Tether's established liquidity and network effects may help it maintain its leading position in the short to medium term [62].