Part 2/16:

Livingston highlights that Tether's circulating supply of approximately $177 billion positions it as a colossal private balance sheet, rivaling the monetary base of small nations within the OECD. Unlike traditional central banks, Tether's operations are private, yet its influence grows exponentially as more digital transactions occur on a daily basis. Over $35 billion worth of USDT change hands each day — comparable to the largest card networks — demonstrating its dominance in digital settlement velocity.