Tether Reaches 500 Million Users, Highlighting Global Financial Inclusion

According to Cointelegraph, the US dollar-pegged stablecoin Tether has reached a significant milestone, hitting its 500 millionth user. This achievement, announced by Tether's CEO Paolo Ardoino, underscores the stablecoin's role in providing financial services to those excluded from traditional banking systems. Ardoino described this as potentially the largest financial inclusion achievement in history, emphasizing the impact of Tether (USDT) on a global scale. Tether's user base, representing 500 million real individuals rather than just wallets, suggests that approximately 6.25% of the world's population has utilized the stablecoin. This development is particularly relevant given the World Bank Group's estimate that 1.4 billion adults globally lack access to a bank account. Cryptocurrencies like Tether offer a viable solution, enabling anyone with a smartphone to download a crypto wallet, receive money, and securely store funds. This is especially beneficial in high-inflation countries or regions where there is a risk of funds being seized. In celebration of this milestone, Tether released a documentary highlighting USDT's adoption in Kenya. The film illustrates how individuals and small businesses in the country rely on stablecoins not for speculation, but as a means of survival. Ardoino noted that 37% of USDT users hold the stablecoin as a store of value. The documentary also showcases how small businesses have turned to USDT to pay for imports, providing an alternative to the weakening Kenyan shilling and helping these enterprises remain operational. Tether remains the largest stablecoin in the market, boasting a market capitalization of $182.4 billion and a 58.4% market share, as reported by CoinGecko. It is followed by Circle’s USDC, which has a market cap of $76.8 billion. In recent developments, Tether has been in discussions with investors to raise up to $20 billion, potentially valuing the company at around $500 billion. This valuation would position Tether as one of the most valuable private companies globally, with financial services firm Cantor Fitzgerald acting as a lead adviser in the potential deal.