Tether, the US dollar-pegged stablecoin, reached a major milestone by surpassing 500 million users, providing a crucial financial resource for those marginalized by traditional banking systems. According to Tether’s CEO, Paolo Ardoino, this achievement is likely the largest advancement in financial inclusion to date.
“Likely the biggest financial inclusion achievement in history,” Paolo Ardoino stated on social media.
“Lo más probable es que este sea el mayor logro de inclusión financiera en la historia.”
The company clarified that this number reflects 500 million individual users and not just wallets associated with Tether (USDT), indicating that about 6.25% of the global population now utilizes its stablecoin.
The World Bank highlights that 1.4 billion adults remain unbanked worldwide, suggesting that crypto solutions, accessible via smartphones, might alleviate some of these challenges. This can be particularly valuable in countries facing high inflation or where seizing funds poses a realistic risk.
USDT Benefiting Communities in Kenya
To mark this pivotal moment, Tether released a documentary detailing the adoption of USDT in Kenya, where the stablecoin serves essential survival needs rather than merely speculative investments.
Ardoino observed that 37% of USDT users maintain their holdings as a store of value, while many businesses have resorted to using USDT for importing goods, seeking stability amidst a declining Kenyan shilling.
USDT is currently the leading stablecoin with a market capitalization of $182.4 billion, holding a 58.4% market share, following Circle’s USDC, which has approximately $76.8 billion.
Last month, Tether reportedly engaged with investors to potentially raise up to $20 billion at an estimated valuation of $500 billion, positioning it among the most valuable private enterprises globally.
