- According to Tether, this number signifies 500 million “real people,” not just Tether wallets, implying that 6.25 percent of the global population has used its stablecoin.
- USDT has a market valuation of $182.4 billion, which is 58.4 percent of the market, making it the biggest stablecoin by a wide margin.
On Tuesday, the US dollar-pegged stablecoin Tether reached 500 million users, providing an alternative for those who are unable to utilize conventional banking services to make transactions and save money. “Likely the biggest financial inclusion achievement in history,” Tether CEO Paolo Ardoino commented on X.
According to Tether, this number signifies 500 million “real people,” not just Tether wallets, implying that 6.25 percent of the global population has used its stablecoin.
Worldwide Reach and Domination
Worldwide, 1.4 billion individuals do not have access to bank accounts, according to the World Bank Group. Anyone with a phone may download a crypto wallet to securely receive and keep funds, making crypto a viable solution to the issue.
Cryptocurrency may also be useful for those whose countries have excessive inflation or where the possibility of having one’s money confiscated is substantial. Ten minutes of a video highlighting USDT adoption in Kenya—a country where stablecoins are used “not for speculation, but for survival”—was posted by Tether in celebration of the milestone.
A third of USDT holders utilize the stablecoin as an investment, according to Ardoino. It also brought attention to the fact that, due to the depreciating Kenyan shilling, small firms have been compelled to use USDT as a substitute for paying for imports, which has been a lifeline for such enterprises.
According to CoinGecko, USDT has a market valuation of $182.4 billion, which is 58.4 percent of the market, making it the biggest stablecoin by a wide margin. Next, at 76.8 billion, is Circle’s USDC. Tether reportedly met with investors last month to discuss raising $20 billion at a valuation of approximately $500 billion.
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Source: https://thenewscrypto.com/tether-reaches-500-million-users-marking-major-milestone-in-global-financial-inclusion/
