Tether's USDT stablecoin has reportedly reached 500 million users, an achievement its CEO Paolo Ardoino described as "likely the biggest financial inclusion achievement in history." This figure suggests that approximately 6.25% of the world's population has now utilized the stablecoin.
The milestone underscores stablecoins' potential role in providing transactional and saving means for the estimated 1.4 billion adults globally who lack access to traditional bank accounts. Cryptocurrencies, including USDT, offer a potential solution for individuals in high-inflation countries or nations where the risk of fund seizure is a concern.
To commemorate this achievement, Tether released a documentary showcasing USDT adoption in Kenya. In the region, the stablecoin is reportedly used by individuals and small businesses "not for speculation, but for survival," particularly in facilitating import payments as an alternative to the weakening Kenyan shilling.
Currently, USDT stands as the largest stablecoin, boasting a market capitalization of $182.4 billion and commanding a 58.4% market share. Tether is also reportedly in discussions with investors to raise up to $20 billion, potentially valuing the company at around $500 billion, which would position it among the world's most valuable private entities.