Tether, the US dollar-pegged stablecoin, reached its 500 millionth user on Tuesday, as announced by CEO Paolo Ardoino. This milestone offers a way for individuals excluded from traditional banking systems to transact and save.
“Likely the biggest financial inclusion achievement in history,” Ardoino posted on X.
Tether emphasized that this number reflects 500 million “real people,” not just Tether (USDT) wallets, indicating that approximately 6.25% of the global population has engaged with its stablecoin.
The World Bank Group estimates that 1.4 billion adults worldwide lack access to banking services. Cryptocurrencies present a potential solution, as anyone with a mobile device can download a crypto wallet to receive and securely store funds.
Cryptocurrency can also assist individuals in high-inflation countries or areas where the risk of asset seizure exists.
USDT is supporting individuals and small businesses in Kenya
To mark the milestone, Tether released a 10-minute documentary highlighting USDT adoption in Kenya, where residents utilize stablecoins “not for speculation but for survival.”
Ardoino mentioned that 37% of USDT users retain the stablecoin as a form of value storage.
The company further noted that small businesses are relying on USDT to finance imports, using it as an alternative to the declining Kenya shilling, thus helping these enterprises survive.
Related: Tether to launch USAT, names ex-Trump adviser as CEO
USDT dominates the stablecoin market with a valuation of $182.4 billion, achieving a 58.4% market share, according to CoinGecko. Circle’s USDC follows with a market cap of $76.8 billion.
Tether could reach a valuation of half a trillion dollars
Recently, Tether was reported to be negotiating with investors to secure up to $20 billion at an estimated valuation of $500 billion, which would position it among the world’s most valuable private companies.
Financial services firm Cantor Fitzgerald is serving as the lead adviser for this prospective deal.
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