US Dollar-Pegged StableCoin Tether hit 500 million users on Tuesday, according to CEO Paolo Ardoino, offering a way to transact and save for those excluded from the traditional banking system.
“Probably the biggest financial integration breakthrough in history,” Ardoino write in a post on X.
Tether says the figure represents 500 million “real people,” not just tether (USDT) Wallets, which suggest StableCoin are now used by about 6.25% of the world’s population.
The World Bank Group Estimates There are 1.4 billion adults without access to a bank account worldwide. Crypto is a potential solution to the problem, as anyone with a phone can download a crypto wallet to receive money and securely store funds.
Crypto can also be useful for those who live countries with high inflation, or countries where the risk of having one’s funds is real.
USDT helps people and small businesses in Kenya
To celebrate the milestone, Tether shared a 10-minute documentary showing Adoption of USDT in Kenya, where people are turning to StableCoins “not for speculation, but for survival.”
https://www.youtube.com/watch?v=dk889rfnowa
Ardoino noted that 37% of USDT users hold StableCoin as a Store of value.
It was also highlighted how small businesses were forced to turn to USDT to pay for imports as an alternative to the weakening of the Kenya shilling, providing a lifeline to sustain those companies.
Related: Tether to launch USAT, names ex-Trump Adviser as CEO
USDT is the largest StableCoin, with a market cap of $ 182.4 billion, representing a 58.4% market share, according in Coingecko. Circle’s USDC (USDC) is 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 around a $500 billion valuation – which would tether one of the world’s most valuable private companies.
Financial services firm Cantor Fitzgerald acts as a lead advisor to the potential deal.
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