I have been following Tether for about three and a half years and still I struggle to really grasp how large it is. It is so absurdly large that it has started warping my perception of other huge amounts of money. I hear a million dollar fraud now and my first thought is “that’s it”, and so I am writing this to help provide some comparisons so I can help keep the scale of Tether in mind.
So let’s start with the basics. Currently on June 10th 2021 Tether has just about $63 billion Tethers. There are also a negligible 40 million Euro Tethers and a negligible 20 million offshore Yuan Tether. There is a somewhat more meaningful 85,417 ounces of gold for Tether gold. All three of the other forms of Tether are largely meaningless compared to dollar tethers.
Tether currently has approximately $2 billion less than Madoff’s fraud at its peak. Based on their average printing so far in 2021 they should cross over in 8 days.