Tether’s USDT Stablecoin Reaches 500 Million Users

Tether said the figure represents 500 million “real people,” not simply Tether (USDT) wallets, suggesting its stablecoin has now been used by around 6.25% of the worlds population.

The World Bank Group estimates there are 1.4 billion adults who dont have access to a bank account globally. Crypto is one potential solution to the problem, as anyone with a phone can download a crypto wallet to receive money and store funds securely.

Crypto can also be beneficial for those who live in high-inflation countries or nations where the risk of having ones funds seized is real.

USDT is helping people and small businesses in Kenya

To celebrate the milestone, Tether shared a 10-minute documentary showcasing USDT adoption in Kenya, where people turn to stablecoins “not for speculation, but for survival.”

Ardoino noted that 37% of USDT users hold the stablecoin as a store of value.

It also highlighted how small businesses have been forced to turn to USDT to pay for imports as an alternative to the weakening Kenyan shilling, providing a lifeline to keep those companies afloat.

USDT is by far the largest stablecoin, with a market cap of $182.4 billion, representing a 58.4% market share, according to CoinGecko. Circles USDC (USDC) comes in next at 76.8 billion.

Tether could be worth half a trillion dollars

Last month, Tether was said to be in talks with investors to raise up to $20 billion at around a $500 billion valuation, which would make Tether one of the most valuable private companies in the world.

Financial services firm Cantor Fitzgerald is acting as a lead adviser in the potential deal.