tl;dr
Tether's USDT stablecoin surpasses 500 million users, becoming a lifeline for unbanked populations and a stable alternative to volatile currencies in emerging markets like Kenya. The milestone highlights its role in reshaping global finance and spurring industry growth.
**Tether Reaches 500 Million Users, Marking a Major Milestone in Financial Inclusion**
Tether, the US dollar-pegged stablecoin, has announced a historic milestone: it has surpassed 500 million users, positioning itself as a transformative tool for financial inclusion. The achievement, highlighted by Tether CEO Paolo Ardoino, has been hailed as “the biggest financial inclusion achievement in history.”
With 500 million “real people” using its stablecoin USDT, Tether now represents approximately 6.25% of the global population. This growth underscores the platform’s role in providing accessible financial tools to those excluded from traditional banking systems. According to the World Bank, 1.4 billion adults worldwide lack a bank account, and crypto—particularly stablecoins like USDT—offers a lifeline. By enabling users to transact and save securely via a smartphone, Tether bypasses the barriers of conventional banking infrastructure.
**Kenya: A Case Study in Survival and Stability**
To celebrate the milestone, Tether released a documentary detailing USDT’s adoption in Kenya, where the stablecoin has become a critical tool for survival. In a country grappling with economic instability and a weakening shilling, Kenyans are turning to USDT not for speculation but as a reliable means to store value and conduct business.
Small businesses, in particular, have relied on USDT to pay for imports, circumventing the risks of currency devaluation and inflation. “It’s a lifeline,” said Ardoino, noting that 37% of USDT users hold the stablecoin as a store of value. For many, USDT offers a stable alternative to volatile local currencies, providing a sense of security in unpredictable economic climates.
**Market Leadership and Future Ambitions**
Tether remains the largest stablecoin by market capitalization, with a $182.4 billion valuation, capturing 58.4% of the market, according to CoinGecko. Its closest competitor, Circle’s USDC, holds a $76.8 billion market cap. This dominance reflects Tether’s widespread adoption across global markets.
The company is also positioning itself for even greater growth. Last month, Tether reportedly entered talks to raise up to $20 billion at a $500 billion valuation, which would make it 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, signaling confidence in Tether’s trajectory.
**A New Era for Decentralized Finance**
Tether’s expansion highlights the growing role of stablecoins in reshaping global finance. By offering a stable, accessible alternative to traditional banking, Tether is empowering individuals and businesses in emerging markets to participate in the global economy. As Ardoino emphasized, this milestone is not just a business achievement but a step toward financial equity for millions.
With its focus on stability, accessibility, and real-world utility, Tether’s 500 million users represent more than a number—they signify a shift in how the world views money, trust, and inclusion. As the crypto landscape evolves, Tether’s journey underscores the potential for blockchain technology to address some of the most persistent challenges in global finance.